Pfizer to form three business segments for branded, generic drugs
NEW YORK — Drug maker Pfizer is planning to split its commercial division into three business lines that will separate its branded and generic products, the company said Monday.
Pfizer said its would form two "innovative" business segments and one "value" segment. One innovative segment would focus on OTC, vaccines and cancer drugs, while the other would focus on treatments for inflammatory and autoimmune diseases, cardiovascular, metabolic, neurological, pain, rare diseases and women's and men's health. The value segment will focus on generics, products that are expected to face generic competition in the next few years and biosimilars, as well as collaborations with generic companies in other countries.
The changes will be made first in countries where Pfizer does not need to negotiate with unions, and later in countries where it does, after negotiations are finished.
Geno Germano will lead the first innovative group as group president of the innovative products group; Amy Schulman has been appointed group president of vaccines, oncology and consumer health care; and John Young has been appointed group president of the value products group. Leadership changes will become effective on Jan. 1, 2014.