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Here we go again! My phone was ringing off the hook after Pfizer communicated to internal staff regarding the latest round of job cuts.  To offset losses associated with patent expirations and a dry pipeline, Pfizer Announced that it will cut 10,000 jobs by the end of 2008.  The latest round of cuts is in addition to the 20% reduction of the company’s sale force announced in November.

I really admire Jeffrey Kindler and his decisiveness in curing the ailing drug giant.  “Hanky Panky” McKinnell should have closed sites and cut staff back in 2001.  If only Hanky had a clue.  I would like to thank Hanky for destroying the lives of employees and billions in shareholder value.

Pfizer communicated the following top five priorities to turn the company around:

Comment: More investment in R&D, are they nuts! They need to slash R&D and continue to in-license new compounds.  They need to convert to a search and development company.  The only way this will happen is if they hire a new head of R&D.

Cut costs. Pfizer's strategy includes broad job cuts, closing some research and manufacturing sites and more outsourcing.

Comment: Good idea, but the company is 3 years too late.

Simplify structure. Pfizer plans to create smaller, more focused units to better take advantage of its scale and resources.

Comment: Good luck! The VP of larger units will block this initiative.

Improve communications. Pfizer is mulling more effective ways of connecting with patients and doctors, and said it plans to play a more "significant role" in the national dialogue on health care.

Comment: Too little, Too late.

Trim the fat. Pfizer is eliminating unnecessary committees and cutting three to four layers of management.

Comment: They should lay off a layer or two of Vice Presidents.  You would think that you are working at a bank based on the number of Vice Presidents running around the company.

I am keeping my fingers crossed that Pfizer can turn it around.  I want to dump my stock options that I have left over from days at the dysfunctional giant.

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