The bad news coming out of Pfizer just keeps coming. Not a particularly good time to be a scientist, after having invested in so many years of study and research...
Or a medical rep.
Or a pharma CEO.
The healthcare industry is running out of promising careers at this rate. Which is a shame, because they have been one of the highest net job creators for a long, long time.
AP reports a fresh round of job cuts, this time affecting scientists in its 'non-core' areas. The company had earlier announced it would now focus on 6 disease states - Alzheimer's, cancer, schizophrenia, pain, inflammation and diabetes and abandon all other research areas.
One of the areas abandoned is cardiovascular diseases - Lipitor, Pfizer's 13 Billion USD bestseller has already seen revenues dip and it remains to be seen whether Pfizer can somehow fill a gaping hole in its revenues which will start to kick in well before 2011, when Lipitor comes off patent.
Jeff Kindler, their CEO has already gone out on a limb by stating that he is looking for acquisitions which will impact earnings positively, but given Roche's Genentech bid setting a trend in the new year, such acquisitions will not come cheap - recession or not.
Research areas that Pfizer is exiting include anemia, bone health, gastrointestinal disorders, obesity, liver disease, osteoarthritis and peripheral artery disease -
Read the complete story here: http://www.washingtonpost.com/wp-dyn/content/article/2009/01/13/AR2009011301300.html
- oRiOn
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment