R&D president, CFO among (10,000) job cuts at Pfizer

[UpInArms]

Source: Associated Press

Pfizer Chief Executive Jeffrey Kindler proved even those at the top aren't immune to an ongoing companywide transformation late Sunday in announcing the departure of Research and Development President John LaMattina and Chief Financial Officer Alan Levin.

The news comes as the world's largest drugmaker seeks to cut 10,000 jobs, or 10 percent of its work force, amid a tepid sales outlook in the near term. Kindler, the architect of the company's transformation, became Pfizer Inc.'s CEO and chairman last year. The 10,000 job cuts were first announced in January.

Read more: http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20070522/BUSINESS/705220332/1003/BUSINESS

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I guess a story about 10,000 job cuts really doesn't deserve more than 3 paragraphs :sarcasm:

[Deja Q]

1. Lower the cost of drugs, and I betcha sales would INCREASE...

Especially when the cost of living precludes Americans from buying drugs; a local radio DJ this AM was whining that it costs less to get perfume imported from France than it does some eyedrops!

[Lance_Boyle]

2. Betcha those two guys have shiny golden parachutes, and

no worries about continuing to put food on their families.

What about the other 9998?

[HughBeaumont]

3. Oh gee, let's all cry for the Big Pharma CFO and R&D prez who land in leaf-piles of hundreds.

I'm more concerned for the workers who'll land in the unemployment manure, thank you very much.

[Demeter]

4. After Firing the Researchers and Buying Up the Competition

where is Pfizer going to get any new drugs developed? These "businessmen" raped and abandoned my city of Ann Arbor. They deserve to fail.

[papau]

9. US drug co's do little research relative to size - 14% of revenue is for research -indeed

30% is from marketing and 20% goes directly to shareholders

then take out a large chunk for management from the remaining 36%, and you have the small piece that is cost of non-sales non-research operations

[L. Coyote]

5. Pfizer's CFO resigns = Fallout from Whistleblower's Revelations

Pfizer's CFO resigns = Fallout from Whistleblower's Revelations
FROM: http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=853813&mesg_id=931754

Fallout from Whistleblower's Revelations
Pfizer CFO Resigns
By PETER ROST, MD
http://counterpunch.com/rost05212007.html

Pfizer's CFO Alan Levin's resignation was hastily announced 9:25 PM on Sunday evening in a BusinessWire news release..... after three days of disclosures of corruption in Pfizer's finance department, revealed by former Pfizer finance executive Mr. Ashok S. Idnani ....

.... Rost ... devoted his blog to an astonishing series of posts which allegedly describe how Pfizer execs in India took kickbacks in connection with the sale of a Pfizer building for far less than it was worth; how Pfizer hires private detectives to spy on rival executives and pay bribes, and how Pfizer India kept a "gift" list for certain Indian government officials....

........sordid proof that Pfizer fired a finance executive who repeatedly warned Pfizer that the company hired detectives who paid bribes, used corporate spies, pretexting, and payed off competitor's employees to leak confidential information, and used other potentially illegal means of obtaining information ....

Peter Rost ... is the author of "The Whistleblower, Confessions of a Healthcare Hitman." See: http://the-whistleblower-by-peter-rost.blogspot.com /

=============== PFIZER INC - Client Summary, 2006 ======================
Total Lobbying Expenditures: $12,220,000
http://www.opensecrets.org/lobbyists/clientsum.asp?txtn...

WHERE: Lobbying disclosure rules require all clients and the lobbying firms they hire to name the agencies where lobbying activity occurred ....
Agencies Lobbied:
Dept of Commerce
Dept of Health and Human Services
Dept of State
Executive Office of the President
Food and Drug Administration
Office of US Trade Representative
US House of Representatives
US Senate

=======================
Political Contributions:

2006 Election Cycle
Contributions Dems Repubs
$1,913,339 $620,560 $1,271,789


==========
Pfizer Inc
Pfizer is one of the biggest players in what is widely considered the most influential industry in Washington: pharmaceutical manufacturers. As one of the five largest pharmaceutical companies in the world, Pfizer produces several of the best-selling prescription drugs on the market, including Viagra, the celebrated treatment for impotence. Year after year, Pfizer and other drug makers have successfully fought efforts in Congress to attach a prescription drug benefit to Medicare. The industry also opposes efforts to make it easier for generic drugs to enter the market.

[liberal N proud]

6. Has anyone done any comparisons on Pfizer's problems and the fall of Enron?

It is starting to sound the same and it made me wonder what if any parallels there might be.

[Mend]

7. every pharmaceutical rep, esp. the ones from Pfizer, voted for bush...

some of these people are liberal-minded but told me it is all about money and their jobs. I tried to warn them, they wouldn't listen then, they don't listen now. They truly believe that repukes are good for them and that their jobs depend upon raping US citizens over drug prices.

[Massachusetts]

8. J. Kindler, What a Hard on!