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news.Under pressure from various quarters to reign in expenses ahead of sinking sales, Pfizer has decided to trim nearly $1.5bn from its 2012 R&D budget and forge active partnerships with various academic and medical centers.
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Pfizer’s best-selling cholesterol pill, Lipitor, is already losing ground to competition from generic drugs in countries where its patent protection has expired.
Additionally, the sales of its pain medication Celebrex and erectile dysfunction drug, Viagra are falling.
The company plans to phase out its urology and internal medicine projects, intensify its focus on neuroscience, oncology, inflammation, immunology and vaccines.
Hence, Pfizer is trying to improve innovation and overall R&D productivity, realign global R&D footprint to increase its presence in locations known for biomedical innovation, outsource services that do not drive competitive advantage for it, and forge deeper and more active partnerships with leading academic and medical centers.