Originally published May 1 2005
Pfizer looking to cut research costs with new in-house testing plant
by Mike Adams, the Health Ranger, NaturalNews Editor
Pharmaceutical giant Pfizer, Inc. is breaking an industry trend by opening a new in-house drug testing plant in New Haven, Connecticut. Most large drug makers out-source their testing to smaller companies, and industry experts expect that trend to continue. But Pfizer officials say they can save millions by testing their new drugs in-house. Outsourced testing can account for about half the costs of putting a new drug on the market, the officials say.
Pfizer Inc., under pressure to cut billions of dollars in expenses, is opening a $35 million testing laboratory here, where it says it can save money and time by performing more early drug testing in-house.
Drug companies routinely hire research organizations to test their drugs, a trend that industry analysts expect to continue.
But because testing can account for about half the cost of a drug's development, Pfizer believes it can save money by bringing some testing under its corporate umbrella.
The new facility is heavily automated, with computers compiling real-time data that doctors at the company's research and development headquarters in New London can instantly review.
Far more mundane things are just as important."
For instance, a single blood test can cost up to $300 to outsource as part of a clinical trial, Lederer said.
Pfizer scientists can perform the test for much less, he said, and savings add up quickly when tens of thousands of tests are being done.
In the pharmaceutical business, where far more drugs fail than are ever submitted for government approval, time is money.
"If you do an outsource, not every company has their own laboratory.
They usually send it out to a lab," said Nancy Win-Alderson, Pfizer's project engineer for the new testing facility.
Those trials test a new drug on a small group of healthy people.
David Moskowitz, an analyst with Friedman, Billings, Ramsey & Co., said the move makes sense for a company looking to save money and improve efficiency wherever it can.
Though McKinnell predicted layoffs and attrition, he also boosted research and development funding, a positive sign for the state's economy.
McKinnell is scheduled to attend the official opening of the facility Thursday.
All content posted on this site is commentary or opinion and is protected under Free Speech. Truth Publishing LLC takes sole responsibility for all content. Truth Publishing sells no hard products and earns no money from the recommendation of products. NaturalNews.com is presented for educational and commentary purposes only and should not be construed as professional advice from any licensed practitioner. Truth Publishing assumes no responsibility for the use or misuse of this material. For the full terms of usage of this material, visit www.NaturalNews.com/terms.shtml