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Pfizer’s huge R&D shop is even bigger now that the company has taken up with Wyeth.Pfizer and Wyeth’s combined R&D budgets now add up to some $11 billion a year.
The added Economics of scale has forced Pfizer Board to consider harsh but intelligent steps to improve profitability.Following a popular trend in the industry, Pfizer will continue to decentralize much of its R&D, which will be spread across 18 different units.
A few examples of changes expected to take place include-
* Wyeth’s pharmaceutical headquarters in Collegeville, Pennsylvania will become the headquarters for Pfizer’s specialty-care unit, which includes vaccines and specialty drugs.
* Wyeth’s corporate headquarters in Madison, New Jersey will now be called, “The Leadership Center for Pfizer Diversified Businesses,â€. Employees from several businesses, including animal health, consumer products and nutrition, will work at the site.
* Pfizer said it will keep a “significant presence†in Connecticut. But it’s unclear exactly what that means in terms of numbers. Pfizer employs some 5,000 people in the state.
Even some of its policies are undergoing changes. Like One drug -> Many effects -> More Indications for use ->Better mileage per chemical formulation researched.
:A unit will be charged with looking at multiple uses of drugs under development throughout the company. That makes a certain amount of sense, given the way many drugs were developed for one use then went on to find success by treating something quite different.
:A unit will be charged with looking at multiple uses of drugs under development throughout the company. That makes a certain amount of sense, given the way many drugs were developed for one use then went on to find success by treating something quite different.
More broadly, certain projects â€" cancer vaccines, for example â€" lend themselves to collaborations across different research units. And some functions, such as designing drugs or probing safety risks, can be done company-wide.
Pfizer has been the prime mover in the pharmaceutical industry for a long long time, and the future trends in this industry will take its cue from this exercise.
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