Pfizer Inc. is said to be planning to cut about 20 percent of its sales force for primary-care drugs as the company continues to deal with the loss of its patent for the top-selling cholesterol drug Lipitor.
Staff cuts of about 600 positions, out of some 3,000 salespeople, are slated to begin this month, Bloomberg reports, citing a source familiar with the matter.
A spokesman for New York-based Pfizer told the news agency that the company is continually evaluating ways to be more efficient and effective, and "As a result, we are making changes in some segments of our field force to better match the future needs of the business."
In November 2011, Pfizer, which has operations in the St. Louis area, lost its U.S. patent for Lipitor, which generated sales of $9.6 billion last year. Since then, the company has worked to lower costs as cheaper generic drugs have entered the market, taking away market share and revenue.
Source: http://feeds.bizjournals.com/~r/vertical_38/~3/4wCPh_4JN6A/pfizer-to-cut-600-jobs-as-lipitor.html
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