The Pfizer logo is seen at their headquarters in New York, April 28, 2014. (Photo : REUTERS)
U.S. drug maker Pfizer will now stop selling vaccines in China because the company failed to be granted a renewal of import license for one of its highest-selling treatments, Prevenar. This anti-bacterial treatment is also the only vaccine it is selling in the country.
With no renewal of its import license for Prevenar, the company would cease its operations on vaccines.
"Based on a careful assessment of this situation, we have decided to cease our vaccines commercial operations in China at this time, effective immediately," Pfizer spokeswoman Trupti Wagh stated through an e-mail to Reuters.
Since Prevenar is the only vaccine that Pfizer sells in China, this is the only treatment that would be affected. The company's decision does not have an impact on its other operations in the country.
Both Pfizer and the China Food and Drug Administration regulatory agency failed to give the reason why the China import license for Prevenar was not renewed. This, however, highlighted how difficult it became for drug companies to get approval for medicines in China.
China, being the world's second largest drug market, is influential, making it critical for companies not to take its laws seriously. But as more drug makers seek entrance to the large market, pharmaceutical executives claimed that there are now more red tape to the process of launching drugs in the Chinese market.
Even though it is only the vaccines department that is affected by this decision to close down operations, the repercussions are still significant. Pfizer's vaccines sales team consists of around 200 staff and majority of them would likely be laid off.
