Healthy Skepticism Library item: 7174
Warning: This library includes all items relevant to health product marketing that we are aware of regardless of quality. Often we do not agree with all or part of the contents.
Publication type: news
Towns S.
Pfizer's Sales Force Cut: Like 'The End of an Arms Race'
Yahoo Finance 2006 Nov 29
http://biz.yahoo.com/seekingalpha/061129/21398_id.html?.v=1
Abstract:
Steven Towns submits: Excerpt from our Wall Street Breakfast, a one-page summary of this morning’s key market-moving and stock-moving stories:
New Chief at Pfizer Will Reduce Sales Force [New York Times]
Summary: Behind a new CEO who came aboard in July, Pfizer is on a cost-cutting mission, having just announced a 20% reduction (-2,400) in its U.S. sales force (but only amounting to a 2% cut to its 106,000 global employees). According to a company statement, there will be further ““actions for transforming the company†in January. A Raymond James analyst commented that other firms will likely follow suit since they “… were reluctant to cut their sales forces while Pfizer was continuing to have people on the ground.” He equated it to “the end of an arms race.” This will be a welcome relief for care providers, some saying they are overwhelmed by salespeople. Forbes reports the number of salespeople tripled in the past decade, now with one for every 9 doctors, compared to 1:18 in 1996. Pfizer’s shares are trading about 0.7% higher in the pre-market on thin volume, similar to where they traded in after-hours yesterday
