China Meheco signs deal with Pfizer to distribute COVID-19 pill Paxlovid

China Meheco Group Co Ltd signed an agreement with Pfizer Inc to supply the latter's COVID-19 treatment Paxlovid in the Chinese mainland in 2022, the company said Wednesday.

The move marks China Meheco becoming the domestic agent of the new COVID-19 pill. Pfizer also confirmed the news on its official website and WeChat account.

The agreement details delivery, payments, quality guarantee and assessment, contract termination and dispute resolution. However, prices and sales commissions are not disclosed, Jiemian, a news portal, reported.

Listed on the Shanghai Stock Exchange, China Meheco is a holding company under China General Technology (Group) Holding Co Ltd (Genertec), one of China's centrally administered State-owned enterprises. Its core businesses are medical industry, pharmaceuticals and international trade.

The company recorded revenue of 31 billion yuan, 35.29 billion yuan and 39.31 billion yuan in 2018, 2019 and 2020, respectively, with net profit of 1.55 billion yuan, 981 million yuan and 1.31 billion yuan during the same period.

In February, the National Medical Products Administration, China's top drug regulator, gave conditional approval for Pfizer's COVID-19 treatment Paxlovid, making it the first oral pill for the disease approved in the country.

The drug can be used to treat adults who have mild to moderate symptoms and a high risk of progressing to more severe disease. These patients include the elderly and people with chronic kidney or lung issues, cardiovascular disease, diabetes and other high-risk factors.

Currently, Paxlovid is authorized for emergency use and has been granted conditional marketing approval in about 40 countries, including the United States, the United Kingdom, Canada, Israel, Germany, Belgium, South Korea, Singapore and Japan.