Pfizer announces internal restructuring plans

Pfizer has announced plans to internally separate its commercial operations into three new business segments, effective from January 2014.

The first of these units will be an innovation-based division led by Geno Germano and will include products across multiple therapeutic areas that are expected to have market exclusivity beyond 2015.

Meanwhile, the second innovation unit will be headed up by Amy Schulman and will cover vaccines, oncology and consumer healthcare, with the third division being a value-oriented segment led by John Young that focuses on expanding access to lower-cost, high-value treatments.

Each of the three segments will encompass both developed and emerging markets and Olivier Brandicourt will help to lead the transition, while Douglas Lankler has been promoted to general counsel and Rady Johnson becomes chief compliance and risk officer as part of the changes.

Ian Read, Pfizer's chairman and chief executive officer, said the restructuring "will provide each business with an enhanced ability to respond to market dynamics, greater visibility and focus and distinctive capabilities optimised to deliver value to patients and shareholders in the coming years".

This comes as part of wider changes to Pfizer's operations that recently saw it spinning off its animal health business into an independent company, Zoetis.