Pfizer Inc chief executive officer Jeffrey Kindler said his company can boost its late-stage experimental medicines by 50 percent next year as it implements strategies to make drug development more efficient.
Kindler, now in his second year as CEO of the world’s biggest drugmaker, has already eliminated jobs and factories to cut about US$2 billion in costs. He is now turning to Pfizer’s research laboratories and drug development units to see how the company can boost productivity.
“There is absolutely a need to be efficient across the industry in general and Pfizer is no exception,” Kindler said in an interview aired yesterday on Bloomberg television.
“We have looked at every program, every compound and made decisions to exit where we don’t see promise and to reinvest those savings,” he said.
Kindler is bracing New York-based Pfizer for generic competition in 2011 to its Lipitor cholesterol pill, the world’s top-selling drug with US$12.7 billion in sales last year. The drugmaker doesn’t have enough new products in development to replace the losses from Lipitor so Kindler is looking to trim expenses and squeeze more profit from existing products.
He’s also embarking on a strategy to make the pharmaceutical giant more nimble and “entrepreneurial,” by creating smaller units that “can move faster,” he said. Pfizer also is focusing on partnerships and alliances with biotechnology companies and smaller drugmakers.
Growth in the pharmaceutical industry is slowing, Kindler said in the interview. One way to be more efficient is to dismantle the “monolithic structure” of pharmaceutical research and development.
“I think growth rates are not going to be top-line double digit in the industry,” he said. “The problem of productivity in the industry is a significant one.”
The US dollar on Friday rose against the euro, but pared gains late in a session that was muddied by quarter-end trading, while riskier commodity-led currencies fell sharply after European inflation hit a record high and US consumer spending increased faster than expected. Although the dollar index was showing its biggest quarterly gain since the first quarter 2015, but was registered its first weekly decline in three weeks. Sterling rose against the dollar after falling earlier in the day. The pound last showed four straight sessions of gains followed by wild declines on concerns about Britain’s plan to slash taxes and pay
SAMSUNG DISTANT SECOND: Top local chip fims served nearly two-thirds of the global market in Q2, while Samsung kept South Korea competitive with its 16.5 percent share Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) remained the world’s largest contract chipmaker in the second quarter of the year with a 53.4 percent share of the global pure-play foundry market, the Taipei-based market information advisory firm TrendForce Corp (集邦科技) said in a research report on Tuesday. Despite TSMC’s market share dipping slightly from 53.6 percent in the first quarter, it was still far ahead of its rivals, TrendForce said. TSMC continued to benefit from emerging technologies, such as high-performance computing devices, the Internet of Things and automotive electronics, as it posted US$18.15 billion in sales in the second quarter, up 3.5 percent
Moderna Inc has refused to hand over to China the core intellectual property behind the development of its COVID-19 vaccine, leading to a collapse in negotiations on its sale in the country, the Financial Times reported on Saturday, citing people familiar with the matter. The Cambridge, Massachusetts-based pharmaceutical company turned down China’s request to disclose the formula for its mRNA vaccine because of commercial and safety concerns, the newspaper said, citing people involved in negotiations that took place from 2020 to last year, adding that the vaccine maker is still “eager” to sell the product to China. The company had “given up”
NATIONAL SECURITY: The nation will adopt ‘very firm’ export controls to keep the PRC military from getting access to advanced technologies, a deputy minister said Taiwan yesterday pledged to work closely with the US and other allies to prevent China’s military from acquiring state-of-the-art technology, as Washington steps up efforts to contain the world’s No. 2 economy. Taiwan, home to the world’s largest semiconductor foundry, will keep its advanced chip development at home, while adopting measures to stop its tech from being used by the Chinese People’s Liberation Army, Deputy Minister of Economic Affairs Chen Chern-chyi (陳正祺) said yesterday. Chen said that while Taiwan’s economy would not be able to decouple from its biggest trade partner, it would implement “very firm” export controls to keep advanced technologies