Description and History
It all started 1949 when two German cousins, Charles Pfizer and Charles Erhart of New York, decided to launch a chemical business. Little did they know that their future products Lipitor and Viagra, respectively, would become synonymous with lowering cholesterol and raising, well, er, other things. Today global pharmaceutical powerhouse Pfizer researches, develops, and manufactures drugs, vaccines, and therapies for neurology, cardiology, oncology, immunology, and diabetes.
Interesting facts about Pfizer
- The company provided the bulk of penicillin to the Allied troops in WWII.
- Lipitor, which lowers cholesterol and went off patent in 2011, is the highest-grossing drug in history, with estimated lifetime sales of $125 billion – roughly equal to one year’s global revenues of the top American hamburger chains.
- In 2013 Pfizer began selling Viagra online.
- Pfizer created the largest animal health product business in the world – Zoetis – which they recently spun off as a stand-alone business.
- The company has grown into one of the largest pharmaceutical businesses in the world though acquisitions of Wyeth, Warner-Lambert, King, and through in-house drug innovation. They attempted but failed to buy UK-based AstraZeneca in 2014. If successful, the acquisition would have made Pfizer the largest drug company in the world.
In addition to top-selling Lipitor and Viagra, Pfizer owns and markets over 100 other large-market drugs including: Prevnar for pneumococcal infections, antidepressant Zoloft, Lyrica for neuropathic pain, Palbociclib for breast cancer, Advil, Accupril, and Xanax. Over-the-counter consumer products include ChapStick, Dimetapp, and Robitussin.
The pharmaceutical industry faces many challenges, including generic competitors, patent expiry of blockbuster drugs; side effects, labeling disclosures, and related litigation; and knockoffs and counterfeiting from overseas imitators. In addition, there is competition from other forms of healthcare, including natural and alternative therapies, which, though less controlled and regulated, are growing rapidly in popularity. The industry also faces growing criticism for the expense of life-saving drugs and challenges in recouping development costs – estimated at over $1 billion for a blockbuster drug – and reimbursement issues from government and insurance industry payers.
Information derived in part from
pfizer.com and Wikipedia.
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