Executive Summary

It is a research based pharmaceutical company whose mission is to provide quality and accessible healthcare to its customers or consumers. It is one of the world’s largest pharmaceutical giant Company headquartered in New York United States. The research headquarters are based in Groton Connecticut. It also listed in the New York stock exchange, and its share has ever been components of Dow and Jones Industrial average.

History of Pfizer

Charles Pfizer and Charles Erhat, two Germany immigrants to the USA in their mid twenties established the Company in 1849. Using a loan borrowed from Pfizer’s father, they set up a fine chemicals business in Brooklyn factory.

A palatable anti parasitic drug was the company’s first drug which tasted like coffee was a success and it set the pace for the company’s future development. The company has grown tremendously has acquired so many other likeminded business across the world.

Current ongoing Litigations:

Nigeria’s Kano Trovafloxacin Case; the case started in 1996 when there was an outbreak of cholera an meningitis in Kano area Nigeria. Pfizer researchers travelled to Nigeria to set up a clinical trial and set up an experiment on antibiotic Trovafloxacin to around 200 children. According to the local reports, more than 50 children died from the experiment while the surviving others developed physical and mental deformities.

In 2001, the families and the Nigerian government filed lawsuits against the company concerning the treatment and accused the company of using the outbreak to do unlawful and unapproved human testing experiment. The facts of the case remain in dispute and unresolved.

Pfizer Subsidiaries

1. Warner – Lambert Acquisition

Warner – Lambert was founded as a drug store in Philadelphia by William R. Warner in 1956. In the year 2000, Pfizer acquired Warner – Lambert at a cost of $111.8 billion. This became the second largest company dealing with pharmaceuticals.

1. Pharmacia Acquisition

The desire for Pfizer to acquire the full rights of Celebrex made the company to merge with Pharmacia in 2002. Pharmacia Company had been formed through a number of mergers and acquisitions and upon acquiring it, Pfizer closed many of these Pharmacia subsidiaries leading to loss of many jobs. They include Searie, Upjohn and Sujen. 

1. Wyeth Acquisition

After a long talk which lasted more than a year, Pfizer finally came to a conclusion to buy its pharmaceutical rival competitor Wyeth for a cost of $68 billion which was funded through cash, shares, loans which included an amount of $22.5 billion from Wall Street banks lent to the company. This merger deal made Pfizer become the largest pharmaceutical company in the world and this was the largest merger in the corporate world.

1. King Pharmaceuticals Acquisition

In the year 2010 October, Pfizer agreed to buy King Pharmaceuticals for $3.6 billion in cash or $14.25 per share. This acquisition made the company broaden its business base and widen its business activities.

1. Hospira Acquisition

In 2015 February, Pfizer acquired Hospira at an agreed price of $15.2 billion. This deal was to the shareholders of Hospira earn $90 for each share they owned. Hospira being the largest producer of injectable generic pharmaceuticals in the entire world was acquired by Pfizer and became one of its largest subsidiaries all over the world.

Pfizer Popular Products 

There are many products that are manufactured and supplied by Pfizer and its subsidiaries in the pharmaceuticals industry. They main and popular products of Pfizer include the following;

1. Atorvastatin (Lipitor); 

Lipitor was developed by Pfizer subsidiary Warner – Lambert and it was first set to the market in 1996. It is used for the treatment of Hypercholesterolemia. The name Lipitor was used from 1996 to 2012 when if officially came to be called Atorvastatin. It is the best drug among the statins and has become the world’s best selling drug of all time.

1. Prevnar; 

This is a vaccine that is used to prevent invasive Pneumococcal infections. The original 7 valent version yielded 75% reduction incidences of invasive pneumococcal infections to children under the age of 5 years. The current version of the 13 valent version which was introduced in 2010 and increased the rate of reduction by 50%.

1. Norvasc;

This is an antihypertensive drug. It is also called Amlodipine. It is a very important medicine that is always required in the basic health system that is why it is in the World Health organization list of essential medicines. 

1. Diflucan;

This is the first oral medicine for severe fungal infections. It is also called Fluconazole. This medicine is very much highly recommended as the first line treatment of invasive Candidiasis and it is mostly and widely used in treatment of very severe fungal infections in infants or children.

1. Zithromax (Azithromycin);

This is an antibiotic that is manufactured by Pfizer which is widely used in the treatment of community acquired pneumonia.

1. Flagyl (Metronidazole);

This is a nitroimidazole antibiotic medication Pfizer product which is widely used for anaerobic bacteria and protozoa. This medicine is antibacterial against the anaerobic organisms.

1. Lyrica;

This is a Pfizer product which is very popular which is used for neuropathic pain. 

1. Zoloft;

This is the popular Pfizer product also known as sertraline which was introduced to the market in 1991. It is primarily prescribed for the major depressive disorder in the adults while in children and adults as obsessive compulsive panic disorders.

Pfizer Product Recalls and Lawsuits

1. Six Lots of Thermacare Heatwraps Recall

In November 2018, the company made a recall of six lots of Thermacare Heatwraps product up to the level of the consumer. The products from these lots had a potential leakage of its ingredients contained in the heatwrap. This leakage of heat cell wrap was very harmful and dangerous because there was a likelihood causing injuries like blisters and severe burns to the skin.

1. Children’s Advil Product Recall

In August 2018, Pfizer recalled the Children Advil product after they confused the measuring cup millimeters with teaspoons. The product had already been supplied to all states in the United States between May and June 2018. The instructions for the medicine were noted in millimeters while the included measuring cup was noted in teaspoons which prompted the company to make a recall. The medicine itself was okay and it had no issue.

1. Drug Amvalo Recall 

In February 2019, a Pfizer subsidiary in Japan recalled the drug Amvalo which treats high blood pressure due to availability of a carcinogenic substance or impurity causing cancer. Tablets more than 763,000 which were manufactured between April 2018 and July 2018 by Mylan Laboratories in India were affected. There were no reports of any health damage or any litigation that was put forward.

1. Recall of Piperacillin and Tazobactam Antibiotics

In May 2018, Pfizer recalled over 1.8 million vials of Piperacillin and Tazobactam antibiotics that were manufactured by Pfizer subsidiary Hospira Healthcare in India. The two combinations are used to treat some infections caused by bacteria. They were found to have some elevated levels of impurities that result in reduced potency. These antibiotics were supplied in the United States. No cases or health issue was reported from this recall.

1. Pfizer Recalls Antidepressant Effexor Because It Is Not A Heart Medicine

In July 2014 the Company recalled two lots of Effexor antidepressant after it was discovered by a pharmacist there was a different medicine inside one bottle of the drug. The capsule of Tikosyn which could have caused fatal health issues according to the FDA.

Pfizer Litigation Settlements

1. $486 Million Settlement of Celebrex, Bextra Litigation

In August 2016, Pfizer agreed to pay the shareholders or investors a sum of $486 million on along decade case involving the two painkillers Celebrex and Bextra. The investors who owned stock between October 2001 and October 2005 accused the company of failing to provide the information that would reveal that the use of the two pain relievers might increase the risk of the patient getting stroke or heart attack. They were also accused of not revealing out the tests performed as early as from the year 1998 for the two. 

When the information was released to the public, they claimed that the shares reduced significantly by $70 million.

They were paid to settle the loss they incurred when the prices dropped significantly.

1. $43 Million Settlement for Misleading Marketing of Drugs

In December 2012, 33 states and the Columbia district reached an agreement of settlement of $43 million with the company over a litigation where the company ignored the FDA warning and went ahead to make misleading marketing claims about its two drugs Zyvox and Lyrica. In their marketing, the company claimed that their Zyvox is more superior to Vancomycin, a very powerful generic drug which was actually not the case hence misleading the public to the states involved in the suit.

1. $325 million settlement to Blue cross blue shield company

The health insurance company sued Pfizer for marketing their drugs Geodon, Lyrica and Bextra illegally where they persuaded doctors to prescribe the drugs through kickbacks so that the doctors can highly prescribe the three drugs. The case was settled in 2014 by the company paying the insurance company $325 million for settlement.

Sources:

https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/pfizer-inc-recalls-1-8-million-vials-of-antibiotics/articleshow/64290635.cms

https://consumerist.com/tag/pfizer/index.html

https://pharmaphorum.com/views-and-analysis/a_history_of_pfizer/ https://en.wikipedia.org/wiki/Pfizer#Litigation

https://en.wikipedia.org/wiki/Pfizer#Warner%E2%80%93Lambert_acquisition

https://en.wikipedia.org/wiki/Pfizer#Products