A synthetic peptide derived from erythropoietin (EPO) linked to polyethylene glycol (PEG), with erythropoietic stimulating activity. Upon administration, pegol sihematide binds to and activates EPO receptors on the surface of erythroid progenitor cells in the bone marrow resulting in their differentiation and proliferation. This increases the production of red blood cells and prevents anemia. Pegylation increases this agent's blood circulation time.