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Pfizer Philippines Freezes Staff, Cuts Ads In Face Of Generics Flood

This article was originally published in PharmAsia News

Executive Summary

Pfizer Philippines has decided to cut back spending on staff and advertising in response to government plans to make the market more open to generic drugs. The government plans call for buying generic antibiotics and drugs for asthma, diabetes, hypertension and other common ailments, undercutting the Pfizer unit's Philippines revenues, President Albert Mateo said. He said Pfizer Philippines already was feeling a need to tighten its belt since mid-year when sales began dropping as people reduced drug spending in response to the economy. Mateo said the firm would freeze hiring and trim ads temporarily while maintaining current prices. (Click here for more
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