Reshaped Pfizer Inc. (PFE) Plans to Fine-Tune Research Spending  
10/8/2013 7:22:57 AM

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Nearly three years after a cost-cutting drive that stunned many in the drugs industry, Pfizer Inc's head of research Mikael Dolsten says his scientists are delivering more for less. The ability of the biggest U.S. drugmaker to slash research spending by a fifth without reducing the flow of new drugs has boosted returns on invested capital, been applauded by Wall Street and not gone unnoticed at rivals. Last week, Merck & Co Inc followed a similar path with a plan to cut costs and scrap 8,500 jobs.

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