Kindler sets out new vision for Pfizer
pharmafile | December 1, 2006 | News story | Sales and Marketing | Pfizer, lipid
Pfizer's chief executive Jeffrey Kindler has set out plans for the company to renew itself as an R&D, in-licensing and marketing powerhouse, producing more new medicines across a broader range of areas.
Pfizer has experienced a difficult two years, during which time it has suffered a number of key patent expiries and a slow-down in sales growth for a number of products.
Kindler took over from predecessor Hank McKinnell just four months ago, but has already set out a number of fundamental changes to the business aimed at maintaining, and even extending, Pfizer's number one status in the industry.
Just two days earlier, Pfizer announced a 20% cut in US salesforce numbers, and has now followed this with a fresh look at its R&D strategy.
First among a number of new goals announced is to launch four new experimental drug candidates per year starting in 2011. At the same time, it will aim to generate two new products per year through external deals, starting in 2010.
A key component of the new approach is being more focused on external collaborations.
"You have come to the heart of the world's largest private life science research and development enterprise," Kindler told analysts and reporters attending the briefing.
"We intend to make Pfizer the destination of choice for the energetic, ambitious scientists who might otherwise choose to work in a biotech start-up. Our message to institutions and scientists around the world is: we want to collaborate with you, and we want you to bring us your ideas and suggestions."
A new, five-year collaboration with the Scripps Research Institute and the launch of an incubator for start-up companies in La Jolla, California, are two initiatives aimed at fostering new approaches to R&D.
The incubator will provide investment funding for new technologies and will be home to between three and seven start-up companies.
The company also detailed progress on a swathe of pipeline drugs across its therapy areas for the first time.
These included an anti-angiogenesis drug candidate for breast, thyroid and lung cancers and PF-3,491,390, an anti-fibrotic agent for treatment of chronic liver disease, both expected to enter phase III trials in 2007.
Kindler also announced plans for Pfizer to provide previously unknown levels of transparency on its R&D pipelines.
"During the past four months, I have repeatedly heard from investors that they would like a broader picture of our pipeline and its potential, as well as a realistic assessment of our opportunities and challenges," he said.
The company says a complete "front to back" view of its pipeline will very shortly be made available to all on its website.
One area of doubt about the company's late-stage pipeline is the new product combining top-selling statin Lipitor with the first-in-class drug torcetrapib.
The new drug raises HDL or 'good' cholesterol, and so complements Lipitor's LDL or 'bad' cholesterol-lowering action, but doubts remain about whether its effects are sufficiently superior to existing treatments.
The company has until 2010/11 before the US patent on Lipitor expires, during which time it will aim to establish its successor.
Lipitor, the world's biggest selling drug, earned $13 billion in 2005, but has seen sales growth slow in 2006.
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