Pfizer Inc.

From ArticleWorld

Pfizer is a well known and most respected multinational pharmaceutical company, with more than a century of existence and operations in almost all developed and developing nations of the world.

History

The German chemist Charles Pfizer (1824-1906) started his chemicals business from Williamsburg, Brooklyn in 1849. He produced an antiseptic, which he named Santonin, was an instant success. Pfizer really started to grow after he produced citric acid. Pfizer made sales of nearly $3 million by the year 1910; the company came to be known as an expert in the field of Fermentation Technology. The US Government made an appeal to mass produce penicillin during World War II for the wounded Allied soldiers. Penicillin was termed as a miracle drug.

Operations

Pfizer merged with Warner-Lambent, in 2000 which was situated at Morris Plains, New Jersey. In the process obtained the full rights of Lipitor. After the merger, the headquarters were shifted to the Morris Plains Facility where most of the administration work is carried out. The Research & Development is widely carried out in Groton, Connecticut and at Sandwich, England. Pfizer also has R&D facilities all over the world. The company has spent more than $7.68 billion for research and development, creating history by becoming the biggest R&D private Bio-medical company.

In the year 2002, Pfizer became the world’s largest pharmaceutical company with the merger with rival company Pharmacia. Previously Pharmacia had purchased Sugen in 1999, which produced drugs for cancer treatment. All the drugs eventually went to the shelves of Pfizer after the merger with Pharmacia.

Accusations

Pfizer had earlier purchased Quigley in 1968 which sold asbestos containing insulation products. The products failed miserably and Pfizer have been negotiating a deal for a settlement with the victims of asbestos products. Pfizer had ventured into Bjork – Shiley heart valves, from an acquisition. Due to some defected valves, the product failed and eventually Pfizer was sued to the tune of $200 million by the US Government in the year 1994.