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Drugmaker Pfizer cutting up to 800 scientist jobs
Published in Saudi Press Agency on 13 - 01 - 2009


Pfizer Inc., the world's
biggest drug company, is laying off up to 800 scientists
this year in its latest effort to refocus disappointing
research efforts and cut its massive overhead ahead of an
anticipated crash in revenue, according to AP.
New York-based Pfizer plans to reduce its global research
staff _ currently about 10,000 people _ by 5 percent to 8
percent this year, company spokeswoman Kristen Neese said
Tuesday.
«This is in line with our refocused research areas,»
Neese said.
The move comes after the company announced in September
that it was narrowing its research focus to six disease
areas _ Alzheimer's, cancer, schizophrenia, pain,
inflammation and diabetes _ and abandoning new research in
other areas.
That included cardiovascular disease, where Pfizer had
been a dominant player with its $13 billion-a-year
cholesterol fighter Lipitor, the world's top-selling drug.
But Lipitor is expected to face generic competition in late
2011, and efforts to come up with a successor drug failed,
including the flameout of once-promising torcetrapib after
it was linked to heart problems in late-stage human
testing.
Already, Lipitor sales have dipped slightly, apparently
partly due to consumers trying a much-cheaper generic form
of a similar drug, Zocor.
«This is probably not the end,» said biopharmaceuticals
analyst Erik Gordon, a professor at University of Michigan
Business School.
He said Pfizer likely has identified 500 to 800 scientists
not in the new core areas in its first round of review, but
more could be cut later.
Gordon said the cuts are not due to the recession but to
the long-term problems plaguing the entire drug industry.
Those include stiffer generic competition and general lack
of research productivity.
Also last fall, Pfizer said it was reorganizing its
business units, including replacing its current geographic
divisions with new ones centered on primary care, specialty
care and operations in emerging markets.
But analysts have been saying recently that they expect
Pfizer to make a big move, such as a major acquisition that
would allow massive job cuts to save money while adding
drugs to its pipeline.
Under a major restructuring begun in January 2007, Pfizer
has eliminated roughly 13,500 jobs and closed eight plants
already.
Pfizer shares were up 16 cents at $17.52 in midday
trading.


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