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Pfizer Inc. cut its research-and-development expenses by $800 million last year. The $6.6 billion spent on R&D was $2.8 billion below levels three years prior.
The industry blog FiercePharma reported that Pfizer, with major research facilities in Groton, is likely done with its "shock therapy" approach to cutting R&D as the company struggled to integrate its acquisition of Wyeth and cope with major patent expirations for drugs such as Lipitor. "The jury is still out over whether the pharma giant's restructuring has spawned a more focused R&D group," FiercePharma said.
Among the new-drug hopes: palbociclib for breast cancer and bococizumab for pain.