Having signed an opaque agreement to “improve China’s health coverage,” Pfizer and China are officially in bed together — two corrupt, authoritarian peas in a pod.
U.S. pharma giant Pfizer has signed an agreement with China to cooperate on improving the country’s health coverage, according to the company.
“We are aligned very much with the China ‘Healthy 2030’ [initiative] and we are trying to contribute as much as we can,” Pfizer CEO Albert Bourla told CNBC’s Eunice Yoon on Saturday.
He declined to share further details, including dollar amounts.
It’s safe to say the dollar amount was probably quite high. With an annual revenue of around $100 billion, Pfizer isn’t known for small-dollar business deals.
Pfizer’s China chief framed the agreement as one of benevolence and altruism. Pfizer is mostly interested in sharing their “innovative products” with China. Read more…