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Leveraging China's Potential in Medical Innovation
  Dr. Henry McKinnell, Chairman & CEO of Pfizer Inc, Addresses China's Opportunity in Shanghai Keynote Speech
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  • Shanghai    July 25, 2006

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  • Shanghai, July 21, 2006 – Dr. Henry McKinnell, Chairman & CEO, Pfizer Inc., delivered a keynote speech in Shanghai today during his five-day visit to China. The talk, entitled "Leveraging China's Potential in Medical Innovation",was made at a welcoming banquet with more than 200 people in attendance including Chinese government officials, Pfizer business partners, key opinion leaders from leading hospitals in China, and the media. The event was co-hosted by Shanghai WTO Affairs Consultation Center and Pfizer.

    "I believe that China can reach for global greatness in the life sciences sooner rather than later ," commented Dr. McKinnell. "The largest beneficiaries of this greatness will be the people of China, and the patients of the world."

    Dr.McKinnell hailed the great call from President Hu Jintao in setting the tone for China's future in the world's "brainpower industries". He proclaimed that it was with this call from President Hu that China had started to speed its transition since last January to an innovation-based economy. "These and other high-profiled calls from leaders…reflect long-term efforts to capitalize on China's growing brainpower," commented Dr.McKinnell.

    When talking about Pfizer's role in innovation,Dr. McKinnell commented, "While a range of groups, from universities to corporations, do biomedical research…it is private companies, like Pfizer, that account for 95 percent of all new medicines."

    In speaking about IP protection, Dr.McKinnell started by saying " I want to stress that China has made significant inroads in strengthening its protection of patents and intellectual property." He further commented, "I am grateful for the efforts of Chinese leaders who understand the importance of intellectual property in China's transition to an innovation economy." He reaffirmed Pfizer's long-term commitment to China and emphasized the pivotal role of IPR protection and the importance of providing incentives to R&D-based pharmaceutical manufacturers.

    In his concluding remarks, Dr. McKinnell forecasted that by 2010, China would be a top-five pharmaceutical market and by 2050, China would be projected to be the world's largest pharmaceutical market. Dr. McKinnell mentioned that he looked forward to the day when many new medicines would come stamped "Discovered in China". He believed that day would be a bright one both for China and for patients, everywhere.

    About Pfizer
    Pfizer is the world's leading R&D based pharmaceutical company with 105,000 employees and annual sales exceeding $50 billion. It is also a global research-based company, discovering, developing, manufacturing and marketing leading prescription medicines for humans and animals and many of the world's best-known consumer brands. To date, Pfizer has invested more than US$500 million in China. With an unequalled product portfolio, Pfizer China remains a strong leader in the therapeutic areas of cardiovascular disease, endocrinology, neuroscience, arthritis, and other inflammatory diseases, infectious disease, urology and oncology. For more information, please visit http://www.pfizer.com.cn.

    For more information, please contact:
    Mr. Victor Zhou
    Pfizer China
    Tel: 010 85167102
    Fax: 010 65880056
    Email: victor.zhou@pfizer.com


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