"Pfizer already has a joint venture in the world's second-largest economy with Zhejiang Hisun Pharmaceuticals to develop generic drugs, which dominate China's pharmaceutical sales. Pfizer also has a minority investment in Shanghai Pharmaceuticals Holding Co., one of China's largest drug distributors, and its animal health division has a JV with China'sJilin Guoyuan Animal Health Co. for animal vaccines."
"As local companies become fiercer competitors, partnering with them is also appealing because of their in-depth knowledge of the China market, according to Mr. Wu."
"The heightened competition can benefit consumers by improving the overall quality and safety of the drugs offered in China, Ms. Wang says. More than 260 million of the country's citizens suffer from a chronic disease, according to data from China's Ministry of Health."
"The Chinese government has made affordable healthcare a priority, spending $125 billion over the past three years to extend insurance coverage to 95% of the population while also improving access to hospitals and clinics."
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