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Pfizer to Invest Heavily in Korea

Posted May. 10, 2008 03:01,   

한국어

Pfizer, the world’s biggest drugmaker, is courting Korea.

Pfizer announced in June last year that it would spend a total of 300 million dollars in Korea by 2012 to develop drugs and basic technology.

Over the past year, the pharmaceutical company has been focusing investment in clinical trials and drug development in Korea. Pfizer’s R&D executives are visiting Korea to meet with strategic partners.

○ By 2012, Pfizer Plans to Invest $300 million

Earlier this year, Pfizer designated four hospitals -- Seoul National University Hospital, Yonsei University Severance Hospital, Samsung Medical Center, Asan Medical Center –- to be major Clinical Research Services (CRS).

“As a designated CRS, the hospital will carry out about 50 percent of the initial stages of Pfizer’s clinical trials,” said Pfizer Pharmaceuticals Korea Limited. “That means Korea will serve as a hub for many other countries.”

The drug manufacturer selected hospitals in five countries, including the United States, France, Poland and Argentina, as CRSs. It plans to expand into nine countries by 2019.

On April 30, the company announced that it would set up the world’s first PK/PD Modeling and Simulation Training Center in Korea. It was able to cut costs and time for drug development by predicting the effectiveness of new drugs under development through a simulation program, but simulation experts were in short supply.

After considering Korea, India and Singapore, it finally chose Korea for the training center.

Beyond the clinical trial, there is a drive for joint drug development.

Early last month, Pfizer’s R&D executives visited Korea to hold the “Event for the Asia R&D Strategic Alliance” at the Shilla Hotel in Seoul. The company searched for a partner that could cooperate in finding candidate materials, the initial stage of drug development.

○ Multinational Clinical Trials Triple in Two Years

Rod MacKenzie, a vice president in Pfizer`s Global Research and Development Division, said in a written interview with the Dong-A Ilbo, “Korea has recently proved its outstanding abilities in academic R&D. Pfizer plans to increase partnership with Korea.”

“Pfizer recognizes Korea’s medical infrastructure and researchers are one of the world’s best,” said Pfizer Korea Ltd. “That explains why it focuses on Korea as a hub for clinical trials, the necessary step to develop drugs.”

The company attracted 75 cases of multinational clinical trials last year, a three-fold increase from 2005 (22 cases). It said, “We highly valued the Korean government’s strong will to develop new drugs as it builds a global R&D cooperative system. In particular, after the government announced it would streamline regulations that limit competition in the medical industry, Korea is increasingly accepted as an ‘investment-friendly’ country.”

“Pfizer’s revenue and R&D investment are disproportionately large compared to that of Korean drug makers,” said an executive of a domestic drug manufacturer. “If Pfizer starts to market aggressively with the help of new drugs, the landscape of the Korean drug market may change,” said an executive at a local pharmaceutical company.



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