Pfizer Unveils Upjohn Global HQ In China Amid Unprecedented Pricing Pressures
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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Opened with a big splash just two months ago in a brand new headquarters in Shanghai, Pfizer's Upjohn established products subsidiary is now merging with Mylan to create the world's largest generics group, stirring up local concerns that the focus could shift from China back to the US.
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.