Effects of Globalization on Pfizer, Essay Example

Abstract

This paper discusses about Pfizer’s company’s success in $7 Billion invested  Research and Development (R & D) and its processes on disproportion into a independent research and development categories, in which, specialized in the core elements of product developments. An explanation on why and how R & D developed the specializations into eight areas than it was originally initiated. The specializations of Pfizer’s R & D are the Pipeline, Research-Clinical trials, Phases of Development, Post Marketing Commitments, R & D locations, Licensing, Investigator-Initiated Research, and Compound Transfer Program. Each section of research has its role to innovate the best medicines for humans & animals worldwide (Pfizer, 2010).

The Impacts on Prescription Drugs

In multinational business, Pfizer had to create a new design and re-dress the R & D department into multiple responsibilities to achieve the effectiveness of medicine. It is solely based on two products of Bextra & Celebrex. Both  Bextra and Celebrex medicines are the pain killers for the heart. It was successful for short 3 years from 2002 to 2005. In turn, Federal Drug Administration (FDA)  granted that these two medicines of Bextra & Celebrex are to be  put out of the market due to number of heart attacks and strokes,  other side effects, and 7 reported death-related.  Pfizer has attempted to succeed in every effort to restore these two prescription drugs back into the market. But, it did not turn into Pfizer’s favor (Henderson, 2005).

Pfizer faced with numerous of ligations after launched prescriptions drugs. Pfizer had to implemented a change that has impacted the economy and the organization itself. Pfizer specialized in human and animal medicine that is their primary specializations to market their prescriptions drugs (Pfizer, 2010). Thus, Pfizer organized multiple R &D  programs that focus on the science of medicine, research on possible side effects on prescriptions, and the effectiveness of the medicine. The Research and Development department has eight sub R& D departments that focus on integrity and quality of prescriptions drugs.

Pfizer does it to protect the company and the stakeholders by an implemented a program called Compound Transfer Program (CTP). This program is a contract agreement between countries in despite of political indifferences or international bribery laws on supplement of hazardous substance chemicals.

Pfizer employed 11,800  research scientists in all locations of Groton/New London, CT, U.S.; Sandwich, La Jolla, CA, U.S; St. Louis, MO, U.S; Cambridge, MA, U.S; Rinat, South San Francisco, CA, U.S. focus on a variety of core medical functions,  therapeutic and key technologies.  Scientists studied most mainly on science developments, anatomy diseases & conditions and biotechnologies.  The Pipeline program is an innovate of new product or existing products into the light of cure.

Summary

In summary, Pfizer has its setbacks and flaws that polished through the historic $ 7 Billion dollar investment for R & D capacity. Pfizer faced a numerous of ligations in the U.S. on several prescriptions issues and decided to market abroad and grew oversea sales faster than the domestic markets in all business segments. Pfizer’s R & D department has choreographed an assimilate the core responsibilities in each 8 sub categories that focus the science of medicine, safety of medicine and the effectiveness of the medicine.

References

Pfizer (2010) retrieved February 28, 2010 from: www.pfizer.com

Henderson, D. (2005, May 12). Pfizer Looking To Put Bextra Back On Market 3^rd ed. Boston Globe, p. E.1.  Retrieved February 28, 2010, from Alumni – National Newspapers (9). (Document ID: 837118611)