Pfizer Inc. plans to cut research-and –development spending by $3 billion by 2012. The pharmaceutical company plans to do this in an attempt to be cost effective without sacrificing drug development. These plans were made after Pfizer purchased Wyeth. Pfizer Chief Executive Jeffrey Kindler believes the pharmaceutical partnership is a good thing. He thinks the partnership has created a good balance between efficiency and innovation. His statement is in response to critics questioning the research-and-development cut. Pfizer will still have one of the highest pharmaceutical research budgets.
Pfizer is doing a good job at backing the choice to cut research-and-development spending. The information about the merger with Wyeth and about the spending cut has been done openly. Company spokespeople seem confident about Pfizer’s future and the company’s ability to develop new medicines. Pfizer has used a good public relations strategy. The company backing its decisions helps assures publics that the right thing is being done