Pfizer Inc.’s long dependence on the cholesterol pill Lipitor to produce almost one-fifth of the company’s revenue begins eroding today when the drug’s patent protection ends in the U.S.
Merck & Co. won U.S. marketing approval for Liptruzet, a combination of the company’s Zetia pill and a generic version of Pfizer Inc.’s Lipitor, to lower elevated levels of bad cholesterol.
For three years, Pfizer Inc. Chief Executive Officer Ian Read has been firing people, trimming research initiatives and shedding businesses in a less-is-more strategy designed to cut back the excesses from a decade of megamergers. No more.
"The pricing environment has been deteriorating over recent quarters as competition ratchets up, and as payers try to control their drug spend in increasingly aggressive ways."
- Timothy Anderson on Oct 28, 2014