Without a doubt, the most talked-about layoffs of the year happened at Pfizer, where the world's largest drug developer announced in January that it would chop a staggering 10,000 jobs from its workforce. Jeffrey Kindler was picked as CEO of the struggling drug giant last summer in an attempt to turn the company's flagging fortunes around. Then came the stunning blow that was trocetrapib's failure in a Phase III trial. The therapy was designed to replace Lipitor, Pfizer's (and the world's) $12 billion-a-year bestselling drug, which goes off-patent in 2010.
To save money, Pfizer announced that it would streamline operations by closing three research centers in Michigan and two manufacturing plants while laying off 10,000 workers, 2,200 of which were sales people. Since then, Pfizer has been on a warpath to secure its pipeline from future threats, and with good reason; the company is faced with the loss of 41 percent of its revenue to generic competitors between 2010 and 2012. The company has taken a particular interest in biotech drugs , which are less susceptible to generic competition. Pfizer has laid bare its pipeline for analysts, invested $50 million in biotech start-ups, and created its own a biotherapeutics and bio-innovation center out in California.
> What's next for Pfizer? Report
> WSJ: Pfizer looks at restructuring R&D, new cuts. Report
> Pfizer cuts 10,000 jobs. Report
> Pfizer to invest $50M in biotech start-ups. Report
> Pfizer goes public with R&D pipeline. Report
> Pfizer pares down Ann Arbor campus. Report
> Troubled Pfizer blueprints biotech venture effort. Report
> Pfizer's future rests with biotech. Report
> Pfizer hires new R&D chief, launches biotech center. Report