Pfizer's massive R&D spend to continue as firm pledges unprecedented innovation drive

Under the leadership of new chief executive Jeff Kindler, global drug giant Pfizer wants to revamp itself as a world-leading developer of original drugs. At its annual R&D day, which took place on November 30, the firm outlined bold new goals for innovation pledging that, by 2011 it will be producing four new drugs purely from in-house research. By 2010, it predicts that it will launch two new drugs a year via external collaborations.

"Our fundamental objective is to create a broad and very diversified stream of new products that will, year after year, drive Pfizer's growth and enhance the value of our shareholders' investment," said Mr Kindler. "We are developing new products for a broad cross-section of therapeutic and specialty areas with strong growth potential. The depth of our mid-stage pipeline gives us confidence that we can generate a steady stream of new products that will address significant unmet medical needs," he added.

At the presentation, held at the firm's research center in Grotton, Conneticut, Pfizer reviewed the largest pipeline in its history. The New York-headquartered drug major now has more candidates, more trials, and more programs than ever: a total of 242 programs spanning 11 therapeutic areas.