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China is currently the world’s second-largest market for pharmaceuticals behind the United States, and it continues to grow at a very strong pace. Pfizer is well-positioned to take advantage of this growth; China represents one of the company’s fastest-growing markets around the globe.

“Our business in China has done extremely well in recent years,” says John Sweetman, Pfizer’s treasury director for the Asia-Pacific (APAC) region. “We’re very excited about our growth prospects in future years as well.”

Many of the products Pfizer sells in China are manufactured in-country. However, the company’s Chinese business units import a significant volume of pharmaceutical ingredients and raw materials from Pfizer entities abroad, as well as some finished products for local distribution. In the past, these intercompany transactions, worth more than US$1 billion annually, were always settled in U.S. dollars (USD), which was the only viable option prior to the internationalization of the renminbi.

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Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

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