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Drugmaker Pfizer to cut 10,000 jobs, close research/manufacturing facilities


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10,000, or 1/3 of their global workforce will get pink slips and research/manufacturing facilities will close in Michigan, Nebraska, and New York. Most of this is due to loss on patents and competition from generic drugs.

The main disappointment was a further erosion of jobs in Michigan.. they can't seem to buy an ounce of good news over there.

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Tamias6, in this day and age, nobody believes in competition anymore. "They" think that competition hurts business because it makes them work (something most CEOs and Board Execs haven't ever done) and compete. The only thing that seems to exist is monopolization nowadays. If that fails sell, sell, sell. Just look at Clear Channel as a textbook example of this.

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I despise Clear Channel.. they recently bought out a radio station in my area and I've recently quit listening to it. It's automated or syndicated all day now except for the morning and evening rush hours. The other stations that are owned by the college and another local company have DJs on all the time and are much more active in the community.

Again, back on topic:

I'm also a bit skeptical about this much in layoffs. When companies realize that they will only hurt themselves in the long run by constantly cutting cutting cutting? When Americans aren't making any money anymore, who can afford to buy their drugs and their products?

The business world in this country is completely oblivious to long term economics, and instead are endlessly seeking bigger profits in the short term. In that way, I'm glad Pfizer is facing tough times.. but of course, those that will pay will be the employees and consumers, as generics will probably just raise their prices now with a smaller Pfizer to compete with.

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