PFIZER HAS announced a joint venture with China’s Zhejiang Hisun Pharmaceuticals.

Hisun-Pfizer Pharmaceuticals will develop, manufacture and commercialise off-patent pharmaceutical products in China and global markets. The company plans to hire 600 people in China by the end of the year, its chief executive officer said.

Kevin Xiao, formerly a general manager at Pfizer’s China business, said Hisun-Pfizer aims to have about 1,000 employees by December, and around 1,500 by the end of 2013.

Pfizer, the world’s largest drugmaker, holds a 49 per cent stake in the venture, while Zhejiang Hisun holds the rest.

The venture has a total investment of $295 million and registered capital of $250 million, the companies said. It will offer products for cardiovascular disease, infectious disease, oncology, and mental health.

“These are two totally different companies – one state-owned, the other one a big multinational,” Xiao said.

“We need to balance the foreign and local culture, practice and mindset. That’s a pretty big challenge for us.” – (Bloomberg)