AP
00:00 EST Wednesday, January 14, 2009
Pfizer Inc., the world's biggest drug company, is laying off up to 800 scientists this year in its latest effort to refocus disappointing research efforts and cut its massive overhead ahead of an anticipated crash in revenue. New York-based Pfizer plans to reduce its global research staff of about 10,000 people by 5 per cent to 8 per cent this year, company spokeswoman Kristen Neese said yesterday. "This is in line with our refocused research areas." Pfizer announced in September it was narrowing its research focus to six disease areas - Alzheimer's, cancer, schizophrenia, pain, inflammation and diabetes - and abandoning new research in other areas. PFE (NYSE) rose 23 cents to $17.59.
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