US pharmaceuticals company Pfizer (PFE.NYSE) is looking to partner with more Chinese drug companies after announcing a Chinese joint venture this week, Reuters reported. “We are exploring business development opportunities, including partnerships with local companies that allow us to successfully expand into the generics segment of the market,” a Pfizer spokesman said. The announcement came shortly after Pfizer revealed a joint venture with Zhejiang Hisun Pharmaceutical (600267.SH) to manufacture and sell off-patent drugs for the Chinese market. Analysts believe the agreement will benefit Pfizer, as Hisun is a leader producer of active pharmaceutical ingredients (APIs). “India is a larger base of API manufacturing than China, but Chinese regulations and tax law favour drug[s] manufactured in China. So Chinese API can help penetrate the Chinese market in a more cost effective way,” said Jason Mann at Barclay’s Capital. China’s prescription drug market is projected to be worth US$110 billion by 2015 and the second largest in the world by 2020.