Pfizer ‘could develop over-the-counter Lipitor’

Pfizer is expected to develop an over-the-counter (OTC) version of Lipitor, its bestselling medicine.

The American company's blockbuster cholesterol drug will be exposed to generic competition in the US for the first time later this month, prompting the pharmaceutical giant to seek a way to replace its lost revenue.

According to Bloomberg, chief executive Ian Read confirmed in a conference call to discuss the firm's third-quarter earnings this week that a non-prescription version form of Lipitor is in the pipeline.

"There is an intent at some point to have an OTC version of Lipitor in the marketplace," he commented.

However, Mr Read added that this form Lipitor will not be available until at least 2013 due to the process of gaining regulatory approval.

Pfizer currently brings in roughly $10.7 billion (6.9 billion pounds) in annual revenue from Lipitor, which will also lose its patent protection in European markets next year.