Pfizer plans to double drug production outsourcing

more on the pfizer situation...

25/01/2007 - Pfizer’s latest cutbacks will provide a new outsourcing opportunity for contract manufacturing organisations (CMOs) in low-cost destinations as the drug giant announces plans to double its amount of drug production outsourcing.

The plans were revealed during an analyst meeting on Monday, when the world's biggest drug maker also announced that it would shut down two US manufacturing plants - one in Brooklyn, New York and one in Omaha, Nebraska - and try to sell a third plant in Feucht, Germany, culminating in the loss of 10,000 jobs.
The closures will also affect research and development, with three R&D sites in the US being deemed surplus to requirements and possibly two more, in France and Japan, under threat.

Pfizer's restructure comes in the face of patent expiries for some of its biggest drugs and a corresponding sharp dive in revenues – profits dropped 43 per cent in the fourth-quarter of 2006 as generic products began to make their presence felt – as well as the recent failure of a late-stage pipeline project, torcetrapib, upon which the firm was pinning its new financial hopes.

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