Wu Xiaobin

president of Pfizer Investment China

A1:

China is one of the fastest growing pharmaceutical markets in the world and the ongoing Chinese healthcare reform will continue to drive the expansion of China's pharmaceutical market and industry. Pfizer has demonstrated its commitment to improving health in China by introducing innovative drugs, partnering with local industry, conducting educational healthcare programs, supporting community health initiatives and actively promoting healthcare development.

A2:

At this point, we cannot comment or speculate on any potential impact the yuan devaluation has on our current financial expectations for 2015. What we can comment on is our commitment to China and our ongoing support for its healthcare reform goals.

A3:

Nurturing the life-sciences sector, with the biopharmaceutical industry at its heart, can strengthen economic growth. Investment in R&D infrastructure and basic science will encourage the development of biomedical innovation and enhance the reputation of China's life-sciences hubs. China's "Made in China" 2025 vision, for example, highlights the importance of the life-science sector as a key driver of economic growth in the country.

From a pharmaceutical industry perspective, we also hope the Chinese government will further implement policies that support and encourage biopharmaceutical innovation, accelerate the approval process of new medicines and enhance the quality of domestic generics to the international level.

A4:

The regulatory environment presents multiple challenges for companies trying to achieve simultaneous global development and registration of new medicines. In China, it can take up to eight years on average to register a treatment compared to four years in the United States. As a result, patients are experiencing poor or delayed access to the latest medicines as a result of regulatory and reimbursement hurdles.

That said, we are glad to see that the Chinese authorities have recently issued a series of new policies to address this "drug lag", such as encouraging international multi-centered clinical trial application and supporting simultaneous local and international clinical trials. In addition, we are also facing multiple market access challenges.

A5:

Cultural differences can be seen as either a deterrent or an opportunity when considering cross-border investments. As a global company, Pfizer looks at unique ways to leverage the expertise of our culturally diverse community to achieve shared goals wherever we operate. Our diversified and inclusive corporate culture encourages communication and mutual understanding, which are key to the success of any company.