US-based Pfizer Group, one of the world’s premier biopharmaceutical companies, has signed an agreement on the transfer of pharmaceutical production technology to Vietnamese enterprises, so the first products are scheduled to be produced in 2020.
The information was made by the group’s Regional President for Asia and Emerging Markets Pierre Gaudreault in a meeting with Vietnam’s National Assembly Vice Chairman Phung Quoc Hien in Hanoi on January 10.
Pierre Gaudreault affirmed that the signing of the deal shows Pfizer’s commitment to long-term investment in Vietnam, thus contributing to the country’s pharmaceutical industry and applying technology with international standard in its drug production.
According to him, the group decided to invest in Vietnam as it sees the potential of the Vietnamese market and its surrounding areas as well as the country’s open investment policies. He pledged to share the group’s best experiences with Vietnamese enterprises, while hoping that the Vietnamese Government will continue creating conditions on policies and procedures for the group to expand its presence in the country.
NA Vice Chairman Phung Quoc Hien stated that the transfer of technology is a breakthrough in the two sides’ cooperation. This not only is a good chance for Vietnam’s pharmaceutical producers to improve their capacity, but also helps Vietnamese people buy high-quality drugs at reasonable prices.
He suggested that Pfizer study Vietnam’s climate to produce types of drugs that are suitable to Vietnamese and Southeast Asian markets. He affirmed that Vietnam will facilitate the investment of foreign enterprises, including Pfizer.
Pfizer has been operating in Vietnam since 2001 when the company’s first representative office was opened in Ho Chi Minh City.
US based Pfizer
In 1849, cousins Charles Pfizer and Charles Erhart founded Charles Pfizer & Company in a red brick building in Brooklyn, NY. With $2,500 borrowed from Charles Pfizer’s father, cousins Charles Pfizer and Charles Erhart,young entrepreneurs from Germany, open Charles Pfizer & Company as a fine-chemicals business. A modest red-brick building in the Williamsburg section of Brooklyn, New York, serves as office, laboratory, factory, and warehouse.
Pfizer ranked No. 57 on the 2018 Fortune 500 list of the largest United States corporations by total revenue. Manufacturing sites of Pifzer in ASEAN region are Indonesia, Malaysia, philipines, Singapore,and Thailand. Because of the agreement to transfer Pifzer’s technology to Vietnam, Vietnam will be the next country where,Pfizer, US based pharmaceutical industry, will exist in ASEAN.