Pfizer Unveils Upjohn Global HQ In China Amid Unprecedented Pressure On Pricing
In an effort to get closer to customers, Pfizer opens Upjohn global headquarters in Shanghai amid a fast-changing environment, the US-China trade standoff and potentially increased price erosion.
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Products old, new and reimbursed were the driving force for foreign drug firms including AstraZeneca, Merck and Pfizer and Sanofi to smash growth in China in the first quarter.
Facing deep price erosion and fierce competition for their established products, more multinational firms are hopping on the digital health train in China, with Merck KGaA and Pfizer becoming the latest to tie up with the country's internet giants Tencent and AliHealth, respectively.
From orphan to cancer drugs, more products have had their prices cut in the latest round of reimbursement negotiations in China. Although the 60% average across 100 medicines was considered mild given it didn’t go beyond the previous year, it was still chilling and is prompting more firms, both multinational and domestic, to walk away from the process.