General Facts
Research and Development
Try to imagine the world’s largest medicine laboratory, with 12,500
innovative researchers. You are imagining Pfizer’s worldwide research
team, currently working on more than 100 projects in our development pipeline
and more than 475 in discovery.
With over two-thirds of our cash flow reinvested into research and development,
Pfizer’s worldwide commitment to a healthier world is double that of
any other private sector organisation.
‘We want Australians to live
longer, healthier lives.’
We also want the Australian economy to stay healthy. By developing new medicines
we not only save lives and keep Australians fit and well, we help save millions
of dollars avoiding premature death, hospitalisation and nursing home care.
This is often easier said than done. The development of a new medicine is a
long and expensive process. On average, a new medicine takes between 12 and
15 years and $AUD1.4 billion to reach consumers. The vast majority of new compounds
don’t make it through development and trial phases – only 1 in
every 10,000 compounds is successful. Of those that do succeed, only 3 in 10
will recoup their own development costs.
‘We are proud to be leading the way
in R&D committing an estimated AUD$10 billion around the world to help
us all live longer, happier lives.’
People often assume that governments and academics develop new medicines.
In the United States between 1981 and 1990, the Food and Drug Administration
approved a total of 196 medicines. Of this figure, 92.4% of medicines were
developed by the industry; academia delivered 3.6% and government only 1%.
Despite the challenges, the Australian research and development industry is
fit and well, and growing each year. Employing over 1,600 full-time researchers
across the country, the industry channeled more than $AUD450m into research
and development in Australia last year. Pfizer Australia recognises that some
of the best research and development occurs through partnerships. We have established
dozens of strategic collaborations with local companies, individuals and academic
institutions, all of whom are focused on developing better treatments for conditions
that affect Australians. Pfizer Australia has committed approximately $AUD45 million
for local research and development this year.
This is our investment in every Australian’s healthy future.
Visit 'Research Grants' on this website for more information.