Takeda Pharmaceutical and Pfizer have announced an agreement to co-promote Takeda's type 2 diabetes treatment Actos, along with Tianjin Takeda Pharmaceuticals in China.
The agreement will boost availability of the treatment supporting the sales and marketing of the product and expand the drugs reach through Pfizer's network in China.
Pfizer Worldwide Biopharmaceutical Businesses senior vice-president and group president Ian Read said that according to the International Diabetes Federation, China is estimated to have more than 50 million diabetics by 2025.
"Pfizer is committed to helping the Chinese Government address its top public health priorities in an innovative, socially responsible and commercially viable manner," Read said.
Pfizer's Chinese affiliate will receive a fixed ratio of Actos net sales in the Chinese market, which is expected to become the world's third-largest market for pharmaceuticals by 2011.