Pfizer Inc. (PFE) Cuts Reps Before Lipitor Patent Expires
8/15/2011 7:33:17 AM
This should not come as a surprise. The big drugmaker just two months ago disclosed plans to cut another $1 billion or so in expenses, with a first phase that will amount to $500 million in cutbacks taking place this year. The move, of course, comes in response to the loss of patent protection for the Lipitor cholesterol pill, a $10.7 billion seller, and other big-selling meds. Pfizer sales reps were told to expect phone calls next week about their fate. Some say, however, there is frustration in the ranks. The drugmaker has allegedly indicated more than once that the sales force was “told since the Wyeth acquisition that Pfizer was “right sized” ‘ for the Lipitor patent expiration that will occur this fall, one source tells us.
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