The world's largest drug maker -- Pfizer Inc. -- announced Monday it will cut 10,000 jobs and close at least five facilities due to fierce competition from generic drug makers. The goal, says Pfizer spokespeople, is to whittle away annual costs by $2 billion by the end of the year -- to combat the prediction that the company will lose 41 percent of its sales to generic drugs between 2010 and 2012.Pfizer's other obstacles include expiring drug patents -- costing Pfizer about $14 billion in revenues between 2005 and 2007 -- as well as demands for lower prices by insurers and large purchasers, and repeated requests for evidence of products' worth.
The 10,000 layoffs amount to 10 percent of the company's global workforce and will take jobs from 2,200 United States employees. The company will cut 20 percent of its European sales force, will close three research sites in Michigan and two manufacturing plants in New York and Nebraska, and is considering selling a manufacturing site in Germany and closing two research sites in Japan and France. In the midst of all of this, the company will focus its efforts on transforming the way they do business.
"I believe we must transform the way we've done business in the past in order to be more successful in the future," said Jeffrey Kindler, CEO and chairman of Pfizer. " Incremental evolution is not enough. Fundamental change is imperative -- and it must happen now."
Pfizer's Monday announcement is the second declaration of budget cuts. A previous announcement has the company -- the maker of cancer drugs Aromasin, Ellence, Camptosar, and Sutent -- slashing costs by $4 billion a year until 2008.


I really like the book I've recently been writing about --
Every cancer patient should receive state-of-the-art medical care, says Dr. Jeremy Geffen in his book
Beverly called Dr. Jeremy Geffen in a state of panic. She had just been diagnosed with breast cancer that had spread to her lymph nodes, just had her breasts removed, and was terrified of her recent diagnosis -- high grade infiltrating ductal carcinoma.
It was his father's death from stomach cancer -- and the cold, impersonal, clinical manner in which his father was treated leading up to his death -- that inspired
I love it when seven of something lands before me, offering me potential material for the Sunday Seven series. In fact, it just happened. And I can't wait to start writing about the Seven Levels of Healing common to cancer patients and those who love them.







