Pharmaceutical giant Pfizer Inc. yesterday said it will eliminate about 300 manufacturing jobs at its Andover biotechnology plant over the next five years as part of a global reduction in production capacity following its purchase of Wyeth Pharmaceuticals....
The new round of cuts in Andover is part of a broader move to reconfigure the Pfizer production network worldwide.
How much tax loot did they get to "create" jobs?
As part of that effort, the company said yesterday it will shut down eight plants in the United States, Puerto Rico, and Ireland, while reducing operations at another six factories — including the Andover plant — in the United States, Puerto Rico, Germany, Ireland, and the United Kingdom. Those moves will pare 6,000 jobs in all....
Yeah, THAT WILL HELP the UNEMPLOYMENT picture!
Biopharmaceutical companies often move to condense operations in the aftermath of acquisitions to generate higher profits, said veteran biotechnology executive David P. Southwell, chief financial officer at Human Genome Sciences in Rockville, Md., who previously held the same job at Sepracor Inc. in Marlborough.
“A lot of the reason for these mergers comes from cost-cutting, which obviously increases the earnings of the company,’’ Southwell said. “Typically, you’ll see the consolidation of the sales forces, the consolidation of research and development, and the consolidation of manufacturing. Pfizer has been doing this for decades.’’
--more--"Also see: Pfizers' Pffffffft!
Related:
"Pfizer faces $142M in damages for drug fraud
BOSTON --A federal jury in Boston has found that drugmaker Pfizer Inc. violated anti-racketeering laws by committing fraud in promoting its epilepsy drug Neurontin for unapproved uses and must pay at least $142 million in damages.
The jury also found on Thursday that Pfizer violated California's Unfair Competition Law, siding with Kaiser Foundation Health Plan Inc. and Kaiser Foundation Hospitals, the first insurer to try a Neurontin case against the drugmaker.
Kaiser claimed it was misled into believing Neurontin was effective for off-label treatment of migraines, bipolar disorder and other conditions. Pfizer argued that Kaiser physicians continue to recommend the drug for those uses....
And why the cut?
The jury, which deliberated for two days, found that New York-based Pfizer violated the federal Racketeer Influenced and Corrupt Organizations Act, or RICO, and California's Unfair Competition Law.
Hey, don't worry, though. Industry doing fine.
"US pharmaceutical sales climbed 5.1 percent to $300.3 billion in 2009 after two prior years of slower growth....
I need a pill.
--more--"
I'll bet the swine flu fakery helped!
