Pfizer is ceasing its Pharmaceutical Sciences Small Molecule (PSSM) teams at its site in Sandwich, Kent. Photo: Pfizer
Pfizer plans to cut 500 jobs at its Kent laboratories as it seeks to cut $3.5bn (£2.8bn) in costs as demand for its Covid drugs falls.< /p>
The pharmaceutical giant said it would do so. is ceasing production of pharmaceutical sciences small molecules (PSSM) at its site in Sandwich, Kent. These teams are responsible for turning experimental molecules into drugs used in clinical trials. Pfizer first discovered Viagra for erectile dysfunction at the Sandwich site.
The company said the decision to halt PSSM work at the site was part of an effort to cut costs across its business: In October, the company announced a plan for 3 $.5 billion in job cuts and spending.
This followed disappointing sales for her company. Covid treatment: Pfizer now expects full-year revenue to be between $58 billion and $61 billion. The company previously projected revenue to be between $67 billion and $70 billion.
Albert Bourla, Pfizer's CEO, said at the time that the drugmaker was still waiting to see how much demand for its Covid vaccines and treatments would continue in the long term, saying: “We expect further clarification on global vaccination and treatment rates by the end of the year.” , which we expect to be a good predictor of utilization in future years.”
A company spokesperson said Tuesday: “As previously announced, Pfizer has launched an enterprise-wide cost realignment program. Various areas of Pfizer's global business are making changes to operate more efficiently and effectively. These changes will be implemented on a rolling basis and will vary from region to region.
“We are proud of our legacy of groundbreaking science in the UK and will maintain a scientific presence in the UK, including at our Discovery. Park location in Sandwich.”
Pfizer is not proposing to close the Sandwich facility entirely and has said other functions will continue there, but at a different size.
Decision to discontinue PSSM Site operations followed questions about how easy it is to conduct clinical trials in the UK.
Earlier this year, British pharmaceutical executives criticized clinical trial conditions, saying they were holding back the UK's ambitions to become a leader in life sciences.
However, Dame Emma Walmsley, chief executive of GSK, recently said there had been some improvements to the government since Lord O'Shaughnessy's review earlier this year.
The report included recommendations, including that GPs should give patients experimental drugs to speed up access to new drugs.
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