pfizer incorporated. beginning founded by cousins charles pfizer and charles erhart in 1849 goal...

Pfizer Incorporated

Beginning

• Founded by cousins Charles Pfizer and Charles Erhart in 1849

• Goal• Discover and develop new and

better ways to prevent and treat disease and improve health and well-being for people around the world

On the Frontier of Medicine

• 1849-1899– Charles Pfizer and Company is

founded in a red brick building in Brooklyn, NY

• 1900-1950– Pioneering of the mass

production of citric acid from sugar through mold fermentation fueled growth many years

On the Frontier of Medicine

• 1951-1999– Pfizer passes the billion dollar sales

threshold and pharmaceutical research continues to strive

• 2000-Present– Increases its global presence– Solidifies its place as one of the

most diversified companies in the global health care industry with strategic partnerships

Corporate Structure

• Executive Leadership Team• Brings together top leaders to focus on major

financial, strategic and operational decisions• Two Separate Research Organizations• PharmaTherapeutics R&D Group• Focuses on discovery of small molecules

• BioTherapeutics R&D Group• Focuses on large-molecule research (includes vaccines)

Corporate Structure

• Nine different health care businesses within the company– Primary Care, Specialty Care,

Oncology, Emerging Markets, Established Products, Consumer Healthcare, Nutrition, Animal Health, and Capsugel

Business Conduct and Ethics

• These standards help maintain the Pfizer value of Integrity

• One of the ways that Pfizer’s shareholders are assured that their investments are being properly managed

Pfizer’s Compliance Program• Commitment to Integrity– Demand on all company colleagues the highest

ethical standards, and that products and processes will be of the highest quality

• Commitment to Performance– Strive for continuous improvement in company

performance– Measuring this performance carefully and

periodically– Ensuring that integrity and respect for people are

never compromised

Chief Compliance Officer

• Responsible for overseeing Pfizer’s corporate compliance program– Includes the monitoring and self-evaluation

programs• Makes sure that all standards are held and

correctly interpreted throughout the company• He is head chair of the Corporate Compliance

Committee and reports directly to the CEO

Corporate Compliance Committee

• Made up of representatives from each business division

• Members provide oversight of Pfizer’s corporate compliance strategy

• Report to Chief Compliance Officer any significant compliance issues, risks, or trends

Safety, Performance, and Quality

• As a drug company, ethical conduct is crucial and could be the difference between life and death with those taking the drugs

Produce Experience Disclosure

• All new product information must be communicated to patients, healthcare professionals, and regulators

• They are informed of the uses, safety, contraindictions, and side effects of Pfizer’s products

• Information must comply with worldwide requirements of good medical practice and gov’t regulation

Patient Privacy

• Certain research may involve the review of patient medical records

• This information must be kept strictly confidential, and any use must conform with applicable law’s and regulation or with patient’s consent

Bribery and Corruption

• Pfizer Corporate Policy– Prohibits colleagues or anyone acting on Pfizer’s

behalf from providing any payment or benefit to any person or business in order to improperly influence a government official or to gain an unfair business advantage

Unethical Behavior in 1996

• A lot of the reasons for these new higher ethical standards

• Severe meningitis epidemic broke out in North Nigeria

• Pfizer showed up to the town of Kano to conduct a trial on an oral antibiotic called Trovan

• The “gold standard” treatment at the time in the western world was ceftriaxone

Unethical Behavior in 1996• Pfizer dosed 200 children– Half with each of the two drugs

• 11 children in the study died– 5 who took Trovan and 6 who took cetriaxone

• Nigerian authorities said that Pfizer did not have proper consent to use an experimental drug on their children

• 13 years after the study, Pfizer finally reached a tentative settlement of $75 million in 2009 with the Kano state government

Resources• Alazraki, By Melly. "WikiLeaks: Did Pfizer Use Unethical Tactics to

Evade a Clinical Trial Settlement? - DailyFinance." Business News, Stock Quotes, Investment Advice - DailyFinance. Web. 10 Dec. 2010. <http://www.dailyfinance.com/story/ company-news/wikileaks-did-pfizer-use-unethical- tactics-to-evade-a-clinical/19755578/>.

• "Corporate Compliance | Pfizer: the World's Largest Research-based Pharmaceutical Company." Pfizer.com | Pfizer: the World's Largest Research-based Pharmaceutical Company. Web. 10 Dec. 2010. <http://pfizer.com/about/corporate_compliance/corporate_compliance.jsp>.

• Kindler, Jeffrey B. "The Blue Book: Summary of Pfizer Policies on Business Conduct." Www.pfizer.com. Pfizer Incorporated, 2009. Web. 8 Dec. 2010. <http:// media.pfizer.com/files/investors/corporate/blue_book_english.pdf>.

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