Pfizer reorganizes to handle aging consumers and patents
NEW YORK (AP) – Pfizer, facing an aging population and shifting risks from the loss of patents, is reshaping the company into three businesses.
The three divisions, announced Wednesday, include Innovative Medicines, which will focus on biological science and other technologies needed to address an aging population. The Established Medicines business will handle generic and off-brand medication. Lastly, the Consumer Healthcare business will handle over-the-counter medicines.
The company, based in New York City, also plans to fold its biosimilar portfolio into its oncology and inflammation and immunology units.
FILE – In this Nov. 23, 2015, file photo, the Pfizer logo is displayed at world headquarters in New York. Pfizer says it’s going to reorganize the company into three businesses. Pfizer Inc. said Wednesday, July 11, 2018, that a new hospital unit, which will be part of the innovative medicines business, will be for anti-infectives and sterile injectables. There will also be a consumer healthcare business and an off-patent branded and generic established medicines business. (AP Photo/Mark Lennihan, File)
Pfizer Inc. expects a significant reduction in the impact of patent protection losses after 2020 following the loss of exclusivity for Lyrica in the U.S., which is anticipated to occur around December.
The reorganization will occur at the start of fiscal 2019.
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