Sector: Pharmaceuticals & Biotechnology

Pfizer says it is to cut 6,000 jobs worldwide over the next five years, roughly a fifth of its workforce, as part of a major restructuring following last year’s purchase of rival sector player Wyeth.

The world’s biggest drug-maker plans to cease operations at eight plants in Ireland, Puerto Rico and the United States by late 2015 and reduce activities at six factories in those countries, plus Germany and Britain.

Pfizer, maker of the Viagra erectile dysfunction drug and cholesterol-lowering medicine Lipitor, says it can be more competitive, both in its operations and drug pricing, by streamlining its plants and improving their processes.

Global manufacturing president Nat Ricciardi explained, ‘The restructuring of our global plant network is critical to our efforts to remain competitive so that we can continue to meet patient needs and expand the access and affordability of
our medicines.’

Keenly aware of the likely impact on employees and families, he insisted, ‘we will provide support to our colleagues who lose their jobs so that their transition to new careers is as smooth as possible.’ Pfizer’s management also says it will look to find buyers for the sites ‘in an effort to preserve jobs and minimise the impact to communities’.

Currently employing around 33,000 people worldwide, Pfizer is counting on the savings to help offset expected plunging sales of the aforementioned $12 billion-a-year Lipitor cholesterol fighter, which will face generic competition late next year.