Pfizer Laying Off 800 Scientists, Selling Off 100 Fledgling Drugs

January 14, 2009 7:48 a.m. EST

New York, NY (AHN) - Drug maker giant Pfizer will lay off up to 800 scientists - 8 percent of its science staff - and sell to other drug makers up to 100 fledgling drugs still in experimental stages that were developed to treat a range of ailments.

Some of the experimental drugs have gone into clinical trials on humans, which means they are close to being ready to being prescribed by physicians.

The world's largest drug maker is downsizing the drugs it makes to focus its research and development on finding medicines to treat cancer, brain disorders, diabetes and pain, said Martin MacKay, the company's research chief. MacKay made the announcement at the J.P. Morgan Healthcare Conference in San Francisco on Tuesday.

Layoffs of scientists will be global, company spokeswoman Kristen Neese said Tuesday.

Pfizer has about 10,000 researchers companywide. Last year the company layed off 1,200 scientists when it closed its Ann Arbor, MI, laboratory. The company's research and development headquarters are located in New London and Groton, Conn.

Behind the layoffs and downsizing of its drug list is a continued effort to refocus what has been Pfizer's disappointing results in researching new drugs, and an effort to slash overhead because of an expected drop in revenues.

Company officials have said the downsizing is not related to the recession but to long-term problems within the drug industry that include increased competition from generic drugs and less productive results in research in recent years.