Pfizer reorganizes to handle aging consumers and patents
NEW YORK (AP) — Pfizer, facing an aging population and shifting risks from the loss of patents, is reshaping the company into three businesses.
The three divisions, announced Wednesday, include Innovative Medicines, which will focus on biological science and other technologies needed to address an aging population. The Established Medicines business will handle generic and off-brand medication. Lastly, the Consumer Healthcare business will handle over-the-counter medicines.
The company, based in New York City, also plans to fold its biosimilar portfolio into its oncology and inflammation and immunology units.
Pfizer Inc. expects a significant reduction in the impact of patent protection losses after 2020 following the loss of exclusivity for Lyrica in the U.S., which is anticipated to occur around December.
The reorganization will occur at the start of fiscal 2019.