Pfizer Slashes 8000 Jobs as Acquisition of Wyeth Under Way
By Mike Adams, January 26, 2009 | Key concepts: Pfizer, Wyeth and Acquisition
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Sometimes bad economic news is actually good news: Pfizer has announced it is acquiring pharmaceutical giant Wyeth in a $68 billion deal that will result in the cutting of 8,000 jobs and the closing of five manufacturing plants. Pfizer's profits plunged 90 percent last quarter, and its main profit-generating drug, Lipitor, is due to go off patent in 2011.
When a company that makes and distributed toxic chemicals begins to implode, it's good news for everyone (except the people that still work there, of course).
This move is a sign that the pharmaceutical industry is shrinking quite rapidly. Just last month, Pfizer cut over 3,000 people. Now with an additional 8,000 jobs about to go, that's more than 11,000 jobs shifted out of the pharmaceutical industry! By the way, I publicly predicted this Big Pharma acquisition trend in an article that made 31 predictions for 2009. Check out the other predictions, if you're interested, here: http://www.naturalnews.com/024976.html
The dark era of Big Pharma domination of medicine is drawing to a close. With health care reform talks in the air and the widespread realization that no nation can afford to keep paying for the mass drugging of disease, the future of Big Pharma looks rather dim.
And that's good news for us all! The more quickly this industry of death and destruction is put out of business, the more quickly we'll be able to restore true health to the People and recover from all the economic damage that has been caused by the pharmaceutical industry over the last several decades.
From Bizjournals.com: Pfizer also said Monday that its profit plummeted 90 percent in the fourth quarter to $266 million, or 4 cents a share, from $2.7 billion, or 40 cents a share, a year ago. Results were hurt by a $2.3 billion settlement regarding allegations of past off-label promotional practices concerning Bextra. The drug giant recorded reported revenue of $12.3 billion, a decrease of 4 percent from a year earlier.... more
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