Marketing won’t be overlooked in Pfizer cost-cutting planThe marketing department will be included in Pfizer's broad, $4 billion cost-saving initiative, vice chairman and Human Health president Karen Katen said Wednesday during a presentation
highlighting second-quarter performance.
"We are realigning our field organizations and marketing organizations around the world," Katen said. "In the U.S. we are reorganizing our field organizations in response to [physician]
feedback of the time limits that they have to spend with representatives."
The initiative, dubbed Adapting to Scale (ATS), runs through 2008. As part of ATS, Katen and David Shedlarz, executive vice president and chief financial officer, have completed a review of all the major operations of the company, they said.
Among predicted savings are $1.3 billion in procurement, $1.3 billion in operating expenses and $300 million in facilities costs. R&D also has been earmarked for streamlining.
Pfizer chief executive Hank McKinnell noted, "We do plan to grow expenditures on marketing support and on research probably more or less in line with our revenue growth. We manage our business that way every year; that won't change."