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Wednesday, August 13, 2008


Pfizer to Cut Hundreds of Michigan Jobs

One prominent pharmaceutical company will be cutting more jobs in Michigan.

The state of the pharmaceutical industry is a complex one at best, as big drug companies vie to compete with generic drugs, and patients have trouble paying for either. Because of this, many companies have had to resort to downsizing in an effort to save money.

In July, Pfizer announced it would restructure the staff at its Kalamazoo, Mich. plant, resulting in job cuts for 275 employees by the end of the year. This will reduce the plant's staff to 2,500 employees.

This isn't the first time the Kalamazoo plant has been hit, as Pfizer cut 1,200 jobs at that plant after it purchased Pharmacia in 2003.

In 2007, Pfizer closed its Ann Arbor, Mich. human health research and development facilities, resulting in the loss of 2,700 jobs.

At the beginning of 2007, Pfizer announced it would shut down its Ann Arbor human health research and development facilities and cut 2,410 jobs in Michigan by the end of 2008, according to an article by the Detroit News. The company decided to cut 10,000 jobs worldwide, which will save about $2 billion per year.

"While Pfizer remains profitable, its future is imperiled by the potential loss of $14 billion in revenue this year (2007) due to expiring patents on key drugs, such as Norvasc and Zyrtec," the article notes. "The company is at risk of losing 41 percent of its sales to generic competition between 2010 and 2012.

"The pressure on Pfizer intensified after safety issues forced it to halt development of the star drug in its pipeline, Torcetrapib, which was expected to replace sales of the best-selling Lipitor as it loses market exclusivity as early as 2010," the article continues.

It is expected Pfizer will relocate about 70 percent of its cut jobs in Michigan to Groton, Conn.; St. Louis, Mo.; La Jolla, Ca. and Sandwich, England.


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