Pfizer’s Kindler Decries His ‘Monolithic Structure’
6 CommentsBy Ed Silverman // July 28th, 2008 // 7:59 am
We often remark that industry ceo’s need to get out more and explain themselves to the public. However, the notion still seems to stop with shareholders who, of course, are a vital constituency. Ironically, though, Jeff talks to Bloomberg TV about the need to explain high prices, but he really ought to start making this case to consumers. And he needs to elaborate…
“We’ve tried to dismantle this monolithic structure of R&D and create smaller therapeutic areas,” Kindler says. “There absolutely needs to be more efficiencies in research and development across the industry, and Pfizer is no exception.”
“It is all about leadership,” Kindler says. “I am not a scientist; I don’t pretend to be a scientist. My father was a doctor and that’s as close as I’ll ever get to being a doctor. But I’ve learned to ask questions and listen.”
“The vast majority of drugs in the world were created by the private, innovative pharmaceutical industry. We have to do a better job of explaining that to people,” Kindler says. “When it comes to their health and money, a lot of people are frustrated about the prices and the fact that we make money. We at Pfizer are doing everything we can to improve that…We are in a business that is about making money and returns for shareholders, and that is the only way we can innovate.”
Matthew Holford
“When it comes to their health and money, a lot of people are frustrated about the prices and the fact that we make money…”
No, we’re frustrated that your product is shite, but is characterized as excellent. I suggest you try to be a little more accurate in your analysis, Jeff, and when you ask that question, next time, listen to the response.
Matt
Sam Williams
All big drug compaines have an OLD outdated business model. Throw more reps and money at the problems and they will go away. Ain’t going to work, get back to one rep detailing per territory. (no more than 3 drugs) per rep.
Give them ownership and watch what happens. You have only one person to point the FINGER at. Good Luck and listen to what makes good business sense.
Jason Smith
blockbuster days are over. A TRULY innovative product will get people paying anything for it. see viagra.. these me too drugs are what’s hurting.
pfizer needs to diversify and get back into consumer health. I do think they are still too large. Go to any docs waiting room and you’ll see at least 2 pfizer reps every 4 hours. each one of them is being paid minimum of 65k plus car, plus insurance, plus 401k, plus gas, plus office supplies, etc.. their managers are making 140k, their managers are making 240k. The bottom line is that pfizer has too many sales reps and needs to trim down.
Just A Thought
Mr. Kindler and all pharma executives need to remember that they are in a health related business and until the public health is their primary concern they are not going to be well received no matter how much dough they bring in.
The sugary marketing and newly found uses for whatever they already have in production causes doubt about this industry’s moral conscience. They are coming off as an ‘anything for a buck’ entity. I don’t think talking to the public is going to change that- though lawyers are smooth.
Preemption makes them appear to not want to take responsibility for any damage they cause. They could act quickly and in a humble manner when they get AE reports, when they know their product has done damage, instead of leaving their loyal consumers in a lurch. They should go the extra mile where testing is concerned.
Somehow that last one doesn’t sound like “efficiencies in research and development”. It does however sound responsible and like the practice of a trustworthy business.
James R
Mr. Kindler would show a lot more leadership if he would take charge in the Chantix situation. Since there is a 50/50 shot that patients will have severe reactions to this medication, he should have the intestinal fortitude to step in. Having more trials is one way to go, especially since there are already plans to use Chantix for other medical issues. Stockholders would be better served if there is an open and honest debate about this medication and it’s severe side effects. Right now, Pfizer has it’s head in the sand and it’s up to the Mr. Kindler to take charge.
Doc
There are way too many reps period. When will big pharma realize they do not need 6 reps selling the same pill to the same docs? Seems pretty obvious to most of us.