Pfizer looks to increase outsourcing to 30%
US drug giant Pfizer is considering outsourcing up to 30% of its manufacturing operations, much of it to sites in Asia. The proposed move, which was announced at an investor presentation in Hong Kong by Martin MacKay, the firm's head of global R&D, would roughly double its current level of outsourcing.
Earlier this year, Pfizer announced plans to shut down several of its manufacturing sites in the USA and Germany, having previously said that it would cut its global workforce by around 10% to save $2.0 billion as part of ongoing cost cutting measures (Marketletters passim).
At the time, observers said that the cutbacks were both a reaction to losses associated with the failed anticholesterol agent torcetrapib, and a preparatory move against the impact of impending patent loss on certain key products, including the blockbuster Lipitor (atorvastatin; Marketletters passim). Pfizer's recent decision to drop its inhaled insulin product Exubera is unlikely to have eased the situation.
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