Pfizer to layoff 800 researchers
A Pfizer Inc. executive said as many as 800 researchers will be cut by the U.S.-based pharmaceutical company this year.
The Wall Street Journal said the job cuts, which would equal 5 percent to 8 percent of the company’s 10,000 research employees, will be made at Pfizer’s labs worldwide.
Martin Mackay, head of Pfizer’s research and development, told the newspaper the cuts are part of a continuing effort to focus research work on treatments with the best chances of reaching the market.
The report said major drug makers are finding that in-house research is too costly.
Nobody in the industry is happy with our productivity, Mackay said.