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Pfizer wants to help quit smoking
By Hu Yan and Mark South (China Daily)
Updated: 2006-08-02 09:40
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Key role for innovation
In October, Pfizer opened a US$2.5-million research and development (R&D) centre in Shanghai, part of its US$7.9-billion global research facilities, a step McKinnell said was a result of China's improved protection of intellectual property rights (IPR). "We admit the investment in Shanghai is largely because of confidence in the government policies of patent protection and rewarding innovation. We believe the climate is good," he said.
"We are at the very beginning of our partnership with scientific communities in China to develop new science and new technologies, and hopefully we will go on to produce new medicines for people in China and around the world."
In May, Pfizer's rival AstraZeneca announced plans to invest US$100 million to establish an innovation centre in China. As well as improvements in IPR, analysts say the increased investment in R&D is due to China's pool of cheap talent, clinical trial resources that cost 30 per cent less than in developed countries, and the country's vast potential market.
But McKinnell still regards the pharmaceutical industry as a high-risk sector.
Last year, Pfizer Inc invested US$7.4 billion in R&D, more than 14 per cent of its revenue of US$51.3 billion.
"Among every 10,000 research projects, only one comes to the public," said McKinnell, noting that it takes 12 to 15 years for a new drug to become market-ready.
"It's very important the government understands and protects intellectual property. To engage in highly risky business, you have to be rewarded."
Although the long-running legal battle over the Chinese patent rights to anti-impotence drug Viagra has yet to be fully concluded, Beijing No 1 Intermediate People's Court gave an initial ruling in favour of Pfizer on June 2 a move experts regarded as a milestone in the protection of intellectual property rights in China.
"We are very pleased to see recent cases supporting the rights of patent holders," said McKinnell, in the first public remarks any top Pfizer official has made on the issue. "I am very impressed by the progress made in China over the past 20 years."
McKinnell became chairman and CEO of Pfizer in 2001, two years before the 2003 integration of Pfizer and Pharmacia made him the most powerful leader in the global pharmaceutical industry.
"We are the largest company and in this industry bigger is certainly better. Skilled workers looking for jobs, and universities and small companies looking for partnerships all come to us first," said McKinnell.
"It's a very competitive business. Ultimately, your success depends on your ability to develop products valued by doctors and patients."
In October, Pfizer opened a US$2.5-million research and development (R&D) centre in Shanghai, part of its US$7.9-billion global research facilities, a step McKinnell said was a result of China's improved protection of intellectual property rights (IPR). "We admit the investment in Shanghai is largely because of confidence in the government policies of patent protection and rewarding innovation. We believe the climate is good," he said.
"We are at the very beginning of our partnership with scientific communities in China to develop new science and new technologies, and hopefully we will go on to produce new medicines for people in China and around the world."
In May, Pfizer's rival AstraZeneca announced plans to invest US$100 million to establish an innovation centre in China. As well as improvements in IPR, analysts say the increased investment in R&D is due to China's pool of cheap talent, clinical trial resources that cost 30 per cent less than in developed countries, and the country's vast potential market.
But McKinnell still regards the pharmaceutical industry as a high-risk sector.
Last year, Pfizer Inc invested US$7.4 billion in R&D, more than 14 per cent of its revenue of US$51.3 billion.
"Among every 10,000 research projects, only one comes to the public," said McKinnell, noting that it takes 12 to 15 years for a new drug to become market-ready.
"It's very important the government understands and protects intellectual property. To engage in highly risky business, you have to be rewarded."
Although the long-running legal battle over the Chinese patent rights to anti-impotence drug Viagra has yet to be fully concluded, Beijing No 1 Intermediate People's Court gave an initial ruling in favour of Pfizer on June 2 a move experts regarded as a milestone in the protection of intellectual property rights in China.
"We are very pleased to see recent cases supporting the rights of patent holders," said McKinnell, in the first public remarks any top Pfizer official has made on the issue. "I am very impressed by the progress made in China over the past 20 years."
McKinnell became chairman and CEO of Pfizer in 2001, two years before the 2003 integration of Pfizer and Pharmacia made him the most powerful leader in the global pharmaceutical industry.
"We are the largest company and in this industry bigger is certainly better. Skilled workers looking for jobs, and universities and small companies looking for partnerships all come to us first," said McKinnell.
"It's a very competitive business. Ultimately, your success depends on your ability to develop products valued by doctors and patients."