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