Pfizer to cut 10,000 jobs

Pfizer is to cut 10,000 jobs and close five plants including three R&D sites and two factories, by the end of 2008 as the US drugs giant seeks to slash annual costs by up to $2bn. Pfizer plan to close the factory and research sites is the part of Pfizer’s five-year plan to reduce its manufacturing plants from 93 to 48 by the end of 2008. The world’s biggest drugs firm faces rising competition from generic drug makers. Pfizer announcement to cut 10,000 jobs includes the recently announced termination of 2,200 sales representatives in the U.S. Analysts estimated the company faces the loss of about $14bn in revenues this year because of expiring patents on several of its most lucrative drugs.