Pfizer Inc, the drug manufacturer of the U.S., informed that the company will be splitting the “business into three units”, namely “innovative medicines, established medicines and consumer healthcare”, while one would incorporate a “hospital business segment”.
According to reports, based on the results of 2017, together, the “innovative medicine” sector of the company and the “consumer healthcare” would generate nearly “three-quarter” of the company’s revenue. In the words of Pfizer’s C.E.O, Ian Read:
“This new structure represents a natural evolution of these businesses, given the ongoing strength of our in-market products and our late-stage pipeline and the expected significant reduction in the impact of patent protection losses post-2020”.
Following the criticism of President Trump, which targeted Pfizer and its peers in the U.S. market for “raising list prices of some medicines”, the company decided to reschedule the price hike within the coming six months and in the next day the news of the company split surfaced.
Moreover, the “established medicines” section will comprise company’s majority “off-patent brands”, like Viagra and Lyrica, the latter being “neurological disease treatment”. Due to a “loss of exclusivity for blockbuster fibromyalgia treatment”, reports Pfizer, Lyrica will likely to happen either in December 2018 or it could be pushed to even later period.
The changes are to be effective from the beginning of “fiscal 2019”, reported Reuters.
References:
reuters.com
According to reports, based on the results of 2017, together, the “innovative medicine” sector of the company and the “consumer healthcare” would generate nearly “three-quarter” of the company’s revenue. In the words of Pfizer’s C.E.O, Ian Read:
“This new structure represents a natural evolution of these businesses, given the ongoing strength of our in-market products and our late-stage pipeline and the expected significant reduction in the impact of patent protection losses post-2020”.
Following the criticism of President Trump, which targeted Pfizer and its peers in the U.S. market for “raising list prices of some medicines”, the company decided to reschedule the price hike within the coming six months and in the next day the news of the company split surfaced.
Moreover, the “established medicines” section will comprise company’s majority “off-patent brands”, like Viagra and Lyrica, the latter being “neurological disease treatment”. Due to a “loss of exclusivity for blockbuster fibromyalgia treatment”, reports Pfizer, Lyrica will likely to happen either in December 2018 or it could be pushed to even later period.
The changes are to be effective from the beginning of “fiscal 2019”, reported Reuters.
References:
reuters.com
