January 16, 2007
Bad Timing
Pfizer plans to announce more cutbacks next week, including flat-lining the company's R&D division, the Wall Street Journal reports this morning.
Pfizer's big failure on a new cholesterol-lowering drug; only 17 new drugs for the entire industry last year; large cuts among drug reps; stock prices down, profits flat: hardly the picture of an industry at the top of its game. Makes a tougher target for drug industry critics on Capitol Hill, where safety legislation and reauthorization of the Prescription Drug User Fee Act top the agenda.
Posted by gooznews at January 16, 2007 07:47 AM
Amusing because industry mouthpieces (both paid for and in the federal government) tell us that variation in R&D expenditures are driven by expectations of future profitability. Giveaways like Part D would seem to lead to greater R&D...not flatlining the division.