Tuesday March 31, 2020

Patent loss meant job cuts inevitable at Pfizer

The loss of 177 jobs at two of Pfizer's manufacturing plants in Cork last week was a bitter pill for its Irish employees to swallow.

9th June, 2012
Pfizer: growth by acquisition. Photo: Bloomberg

The loss of 177 jobs at two of Pfizer's manufacturing plants in Cork last week was a bitter pill for its Irish employees to swallow. Yet it was a predictable move given the company's current cost-cutting campaign and the challenges it faces this year.

The world's largest pharmaceutical company is losing its patent protection on Lipitor, its $10 billion prescription medication and the world's bestselling cholesterol drug.

As part of its cost-saving drive, the New York-based company...

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