Blaming an onslaught of cheap generic drugs [1], Pfizer has announced it is cutting its sales force by 2,200, or one in five, in the U.S. For Pfizer CEO Jeff Kindler, it's all part of an ongoing realignment aimed at making the giant pharma company more agile. But it also reflects Pfizer's inability to deliver a group of new blockbusters as well as the rising resistance by physicians [2] to spending time with a drug sales rep. Analysts quickly applauded the move and predicted that other drug companies may follow Pfizer's lead here. Without the same competition from Pfizer on the ground, analysts speculate, competitors will feel less threatened.
- check out Pfizer's press release [3] announcing the cuts
- here's a report [4] on Pfizer from The Chicago Tribune
Related Articles:
Pfizer prepares red carpet for market analysts. Report [5]
Pfizer's Kindler leaves analysts feeling flat. Report [6]
CEO McKinnell gets the boot as Pfizer struggles. Report [7]
Generic competition heats up. Report [8]
Links:
[1] http://www.fiercehealthcare.com/story/wal-mart-cuts-generic-drug-prices/2006-09-22
[2] http://www.fiercehealthcare.com/story/editor-s-corner/2006-09-15
[3] http://www.fiercebiotech.com/node/4734
[4] http://www.chicagotribune.com/business/chi-0611290168nov29,0,2219921.story?coll=chi-business-hed
[5] http://www.fiercebiotech.com/story/pfizer-prepares-red-carpet-for-market-analysts/2006-11-27
[6] http://www.fiercebiotech.com/story/pfizer-s-kindler-leaves-analysts-feeling-flat/2006-10-19
[7] http://www.fiercebiotech.com/story/ceo-mckinnell-gets-the-boot-as-pfizer-struggles/2006-07-31
[8] http://www.fiercebiotech.com/story/spotlight-generic-competition-heats-up/2006-06-29