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Pfizer creates separate business units for innovator medicines, generic drugs, and consumer products.
Pfizer Inc. has announced that the company will reorganize into three businesses-a science-based innovative unit, an off-patent branded and generic drug business unit, and a consumer healthcare business-effective at the beginning of the company’s 2019 fiscal year. The company outlined the business unit changes in a July 11, 2018 statement.
The Innovative Medicines business will include all current Pfizer Innovative Health business units and a new Hospital Medicines business unit that will commercialize Pfizer’s global portfolio of sterile injectable and anti-infective medicines. The company’s biosimilar portfolio will be incorporated into its Oncology and Inflammation & Immunology business units.
The Established Medicines business, which will have “substantial autonomy” within Pfizer, will include the majority of Pfizer’s off-patent solid oral-dose legacy brands, including Lyrica, Lipitor, Norvasc and Viagra, and certain generic medicines, the company reported. This business will operate in all regions of the world and will have dedicated manufacturing, marketing, and regulatory functions.
A Consumer Healthcare (PCH) business, which will include all of Pfizer’s over-the-counter medicines, will continue to operate with dedicated manufacturing and regulatory capabilities. The company noted in the statement that it “continues to evaluate strategic alternatives for this business and expects to make a decision in 2018.”
“This new structure represents a natural evolution of these businesses given the ongoing strength of our in-market products and our late-stage pipeline and the expected significant reduction in the impact of patent protection losses post-2020 following the loss of exclusivity for Lyrica in the US, which is expected to occur in or after December 2018. As we transition to a period post-2020, where we expect a higher and more sustained revenue growth profile, we see this new structure better positioning each business to achieve its growth potential,” said Ian Read, Pfizer chairman and chief executive officer in the press statement.
on July 10, 2018, the company announced that it would defer drug price increases for six months following criticism from President Trump regarding previously announced increases.