Pfizer Laying Off Up To 800 Scientists
So far in this recession, all sorts of people have lost jobs -- autoworkers, bankers, fast-food-fryers, gardeners, you name it. But this is the first The Ticker has heard about scientists being let go.
Pfizer, the world's largest drugmaker, said today it is axing up to 800 scientists as it focuses on six areas of research and profit: pain, Alzheimer's, cancer, schizophrenia, inflammation and diabetes.
If you take a look at that list, it gives you an idea of what Pfizer thinks will be ailing us over the next 50 years or so. Possibly "schizophrenia" is the most unexpected on the list.
Pfizer is phasing out of the lipid business, as its popular Lipitor is getting overtaken by the cheaper alternate, Zocor, made by rival Merck.
In response to the scientist-layoff news, shares of Pfizer predictably rose.
January 13, 2009; 1:24 PM ET
Categories: The Ticker | Tags: Pfizer, contraction, recession
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