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news.To capitalise on the growing affluent population in China, Pfizer intends to ramp up its sales force and is even gearing up to adapt to the government's moves to overhaul the Chinese health-care system.
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Jean-Michel Halfon, president of emerging-markets business at Pfizer, said that the drug maker intends to increase its sales force from 2,300 in approxiamtely 180 cities to about 3,200 across 250 cities in China.
Pfizer is also seeking partnerships with Chinese drugmakers. Reportedly, the US drug giant has set up a business development group in Shanghai anticipating a wave of consolidation in the Chinese drug market.
According to IMS Health, a Connecticut-based firm that supplies the pharmaceutical industry with sales data and consulting services, China is poised to emerge as the third biggest pharmaceutical market by 2011, behind the US and Japan.
Major drug makers like GSK are looking at emerging markets as growth in some developed markets has declined. Pfizer’s China strategy is part of such a broader push into emerging markets, that include Brazil, India and Mexico. Pfizer expects about 70% of its growth over the next five years coming from emerging markets.
Pfizer’s emerging-market presence was boosted by its recent acquisition of Wyeth, which, it claimed, added about 35% to its emerging-market revenue. The Wyeth deal also bolstered Pfizer’s work force in emerging-markets from 14,000 before the deal to about 19,000.
Mr Halfon said: “China is ready for consolidation. There is an opportunity for Pfizer to play a catalyst role and be a potential partner for these companies. The idea that emerging markets aren’t profitable is more a myth than reality.”