Pfizer to Sell Paxlovid in China with State-Owned Partner as Covid Policy Shifts
BEIJING, December 14 (TMTPOST)— Paxlovid, the oral antiviral pill for treatment of Covid-19 developed by Pfizer, is going to be more available in the mainland China as the government is pushing exit of zero-Covid policy and shifting more focuses on reopening and economic boost.
Source: Visual China
China Meheco Group Co., Ltd, a distributor of pharmaceutical and health care products, has signed an agreement with Pfizer to import and distribute Paxlovid on the mainland, according to a filing with the Shanghai Stocks Exchange on Wednesday. Effect on the same day, the agreement is said to terminate on November 30, 2023 and China Meheco didn’t disclose any further details of terms.
China Meheco showed cautions on outlook of Paxlovid in the market. Uncertainties about the final use and sales of Paxlovid are relatively high, the company, controlled by state-owned China General Technology (Group) Holding Co., Ltd., cited factors including the pandemic development. The pill treatment generated US$7.5 billion in the quarter ended September, bringing the sales so far this year to more than US$17 billion, Pfizer disclosed in November. The quarter saw its revenue fell 6% to US$22.64 billion, hit by the strong dollar, but the top line still beat the Wall Street estimated US$21.07 billion.
A day prior to China Meheco’s deal with Pfizer, news about first retail sales of Paxlovid in China went viral on Chinese social media. 111, Inc., a healthcare platform, reportedly started to sell the pill for RMB2,980 (US$426.80) each box through its app on Tuesday. It is said that users of the app can place their orders if doctors confirm they’ve already been infected and they submit photos about the positive test result. The news is not accurate and what 111, Inc. is offering is not to sell Paxlovid online but diagnosis, treatment and medication for eligible patients through its online services, the company later that day clarified. In a statement that day, Pfizer said it is actively collaborating with all stakeholders to secure an adequate supply of Paxlovid in China. The U.S. drug maker also vowed to fulfill the Covid-19 treatment needs in China.
In February, China’s National Medical Products Administration approved imports of Paxloivd for limited patients who are in old age or have chronic renal diseases, diabetes, cardiovascular diseases, and chronic lung diseases. The local media reported a month later that the first batch of 21,200 boxes of the pill were imported in China and sent to at least eight provinces.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Great👍👌