R&D: The Core of Our Being
For over 160 years, Pfizer has dedicated itself to research and development into medicines and vaccines that prolong and save lives.
Our centuries-long devotion to R&D is a reflection of our passion in science and innovation that has shaped our character. Yet, we realize R&D doesn’t fall from the sky. It costs money and requires human resources as well as dedication and determination to make things happen. Our challenge is to develop socially and commercially viable solutions that are sustainable in the long run to help patients worldwide have better access to quality medicines and vaccines.
Developing life-improving medicine is a high-cost, high-risk business. The US biopharmaceutical industry, the largest in the world, spends approximately $59 billion annually to discover new medicines. From medical laboratories to hospitals and pharmacies, it takes on average 12-15 years to undertake research and develop one new medicine. It costs on average $1.3 billion to successfully develop one new medicine.
In 2012 alone, Pfizer spent $7.87 billion in R&D. In 2011, we spent $9 billion for this purpose without any guarantee as to where and when we will discover new medicines that respond to people’s needs. It is a known fact in this industry that when it comes to researching and developing new pharmaceutical treatments, there are more failures than successes. For example, in 2006 Pfizer abandoned the development of a heart-disease medication which showed promise until it failed in late state clinical trials - after already spending more than $1 billion in R&D.
Pfizer’s R&D centers have attracted some of the world’s best minds in medical science and pharmaceutical fields. We run ten R&D centers in the United States and United Kingdom:
1. Pfizer Research at La Jolla, San Diego, California
2. Pfizer Research at Rinat, San Francisco, California
3. Pfizer Research at Connecticut
4. Pfizer Research at Cambridge, Massachusetts
5. Pfizer Research at Andover, Massachusetts
6. Pfizer Research at St. Louis, Missouri
7. Pfizer Research at Pearl River, NY
8. Pfizer Research at Sandwich, UK
9. Pfizer Research at Cambridge, UK
In addition to conducting research at our ten R&D centers, we have also multiplied our innovative strength through collaborative partnership with medical institutions, health foundations, and research organizations.