Hong Kong (Nov. 30)-Pfizer’s restructuring plans reportedly include major investments in outsourced manufacturing operations, production facility closures, and personnel reductions (Drug Industry Daily, Dec. 3). During an investor meeting in Hong Kong, Martin Mackay, president of Pfizer’s global R&D, said the company is aiming to outsource 30% of its manufacturing activities to lower-cost regions such as Asia, a significant jump from it’s current value of 15%.
According to industry reports, Pfizer plans to close nearly 45 production facilities and reduce its personnel by 10%.
Declining sales stemming from competitive brands and generics, especially for its “Lipitor” (atorvastatin calcium) and “Norvasc” (amlodipine besylate) products, have been cited as the main factors in the company’s need for restructuring.
A webcast and copy of the presentation can be accessed here.
