For many years now we have seen pharmaceutical and biotech companies lay off lots of people. With every layoff, however, we have seen a stated commitment to keep R&D untouchable. NO MORE!
The world's largest company, Pfizer, has kicked a small snowball down the mountain. It will now turn into an avalanche. Given that our industry has a herd mentality, the Pfizer action will now give every large and medium size pharma firm the excuse to jump on the bandwagon. It's unfortunate and deplorable. Management has a lack of imagination as made evident by other stated intentions like a new focus on drug targets that are more profitable. Now, if everyone just pays attention to what's more profitable, then how exactly will they all profit? Warning bells should be going off in the minds of employees and investors alike when statements like this are made.
Pity the countless staff at Pfizer's Sandwich, UK facility who will either have to relocate (at best) or lose their jobs (at worst). What will they do next? What will this move mean to the entire economy of the region?
Is this the only way this industry can save itself? Something is wrong with this picture.
R&D is dead! Long live R&D.