Pfizer Inc's Comment on Competitors and Industry Peers
Our businesses are conducted in intensely competitive and often highly regulated
markets. Many of our prescription pharmaceutical products face competition in
the form of branded or generic drugs that treat similar diseases or indications.
The principal forms of competition include efficacy, safety, ease of use, and
cost effectiveness. Though the means of competition vary among product categories
and business groups, demonstrating the value of our products is a critical factor
for success in all of our principal businesses.
Our competitors include other worldwide research-based biopharmaceutical companies,
smaller research companies with more limited therapeutic focus, and generic
drug and consumer healthcare manufacturers. We compete with other companies
that manufacture and sell products that treat diseases or indications similar
to those treated by our major products.
This competition affects our core product business, which is focused on applying
innovative science to discover and market products that satisfy unmet medical
needs and provide therapeutic improvements. Our emphasis on innovation is underscored
by our multi-billion-dollar investment in R&D, as well as our business development
transactions, both designed to result in a strong product pipeline. Our investment
in research does not stop with drug approval; we continue to invest in further
understanding the value of our products for the conditions they treat, as well
as potential new applications. We seek to protect the health and well-being
of patients by striving to ensure that medically sound knowledge of the benefits
and risks of our medicines is understood and communicated to patients, physicians
and global health authorities. We also seek to continually enhance the organizational
effectiveness of all of our biopharmaceutical functions, including coordinating
support for our salespersons’ efforts to accurately and ethically launch
and promote our products to our customers.
Operating conditions have become more challenging under the mounting global
pressures of competition, industry regulation and cost containment. We continue
to take measures to evaluate, adapt and improve our organization and business
practices to better meet customer and public needs. We believe that we have
taken an industry-leading role in evolving our approaches to U.S. direct-to-consumer
advertising; interactions with, and payments to, healthcare professionals; and
medical education grants. We also continue to sponsor programs to address patient
affordability and access barriers, as we strive to advance fundamental health
system change through support for better healthcare solutions.
Our Consumer Healthcare business faces competition from OTC business units in
other major pharmaceutical and consumer packaged goods companies, as well as
retailers who carry their own private label brands. Our competitive position
is affected by several factors, including, among others, the amount and effectiveness
of our and our competitors’ promotional resources; customer acceptance;
product quality; our and our competitors’ introduction of new products,
ingredients, claims, dosage forms, or other forms of innovation; and pricing,
regulatory and legislative matters (such as product labeling, patient access
and prescription to OTC switches).
Managed Care Organizations
The evolution of managed care in the U.S. has been a major factor in the competitive
makeup of the healthcare marketplace. Approximately 262 million people in the
U.S. now have some form of health insurance coverage. Due to the expansion of
health insurance coverage (see Government Regulation and Price Constraints—In
the United States below), both the marketing of prescription drugs to consumers
and the entities that manage this expanded coverage in the U.S. continue to
grow in importance.
The influence of MCOs has increased in recent years due to the growing number
of patients receiving coverage through MCOs. At the same time, those organizations
have been consolidating into fewer, even larger entities. This consolidation
enhances both their ability to negotiate, as well as their importance to Pfizer.
The growth of MCOs has increased pressure on drug prices as well as revenues.
One objective of MCOs is to contain and, where possible, reduce healthcare expenditures.
MCOs typically use formularies (which are lists of approved medicines available
to members of the MCOs), clinical protocols (requiring prior authorization for
a branded product if a generic product is available or requiring the patient
to first fail on one or more generic products before permitting access to a
branded medicine), volume purchasing, long-term contracts and their ability
to influence market share and volume of prescription drugs to negotiate prices
with pharmaceutical providers.
Due to their generally lower cost, generic medicines typically are placed in
lowest cost tiers of MCO formularies. The breadth of the products covered by
formularies can vary considerably from one MCO to another, and many formularies
include alternative and competitive products for treatment of particular medical
problems.
Exclusion of a product from a formulary or other MCO-implemented restrictions
can significantly impact drug usage in the MCO patient population. Consequently,
pharmaceutical companies compete to gain access to formularies for their products.
Unique product features, such as greater efficacy, better patient ease of use,
or fewer side effects, are generally beneficial to achieving access to formularies.
However, lower overall cost of therapy is also an important factor. We have
been generally, although not universally, successful in having our major products
included on MCO formularies.
MCOs also emphasize primary and preventive care, out-patient treatment and
procedures performed at doctors’ offices and clinics as another way to
manage costs. Hospitalization and surgery, typically the most expensive forms
of treatment, are carefully managed. Since the use of certain drugs can reduce
the need for hospitalization, professional therapy, or even surgery, such drugs
can become favored first-line treatments for certain diseases.
The ACA has accelerated payment reform by distributing risk across MCOs and
other stakeholders in care delivery with the intent of improving quality while
reducing costs, which creates pressure on MCOs to tie reimbursement to defined
outcomes.
Generic Products
One of the biggest competitive challenges that we face is from generic pharmaceutical
manufacturers. Upon the expiration or loss of patent protection for a product,
especially a small molecule product, we can lose the major portion of revenues
for that product in a very short period of time. Several such competitors make
a regular practice of challenging our product patents before their expiration.
Unlike us, generic competitors often operate without large R&D expenses,
as well as without costs of conveying medical information about products to
the medical community. In addition, the FDA approval process exempts generics
from costly and time-consuming clinical trials to demonstrate their safety and
efficacy, allowing generic manufacturers to rely on the safety and efficacy
data of the innovator product. Generic products need only demonstrate a level
of availability in the body equivalent to that of the innovator product. This
means that generic competitors can market a competing version of our product
after the expiration or loss of our patent and often charge much less.
In addition, our patent-protected products can face competition in the form
of generic versions of competitors’ branded products that lose their market
exclusivity.
As noted above, MCOs that focus primarily on the immediate cost of drugs often
favor generics over brand-name drugs. Many governments also encourage the use
of generics as alternatives to brand-name drugs in their healthcare programs,
including Medicaid in the U.S. Laws in the U.S. generally allow, and in some
cases require, pharmacists to substitute, for brand-name drugs, generic drugs
that have been rated under government procedures to be chemically and therapeutically
equivalent to brand-name drugs. The substitution must be made unless the prescribing
physician expressly forbids it. In the U.S., Pfizer’s Greenstone subsidiary
and Pfizer Injectables sell generic versions of Pfizer’s, as well as certain
competitors’, solid oral dose and sterile injectable pharmaceutical products,
respectively, upon loss of exclusivity, as appropriate.
*Market share is calculated based on total revenue.
News about Pfizer Inc Contracts |
Pfizer Inc. has recently received marketing authorization from the European Commission (EC) for its 20-valent pneumococcal conjugate vaccine, known as PREVENAR 20. This vaccine aims to actively immunize infants, children, and adolescents between 6 weeks and under 18 years of age against invasive disease, pneumonia, and acute otitis media caused by Streptococcus pneumoniae. This approval marks a significant milestone in preventing the spread of pneumococcal disease across Europe.Overview of Pfizer's PREVENAR 20:PREVENAR 20, marketed under the brand name PREVENAR 20 in the European Union, is a highly anticipated vaccine designed to protect against different strains of pneumococcal bacteria. As Streptococcus pn...
|
Respiratory syncytial virus (RSV) is a significant cause of lower respiratory tract disease (LRTD) in older adults, leading to severe health complications and hospitalizations. Pfizer Inc. has recently announced positive top-line data for the full season two efficacy of ABRYSVO, a vaccine specifically targeting RSV in adults aged 60 years and older. This article aims to delve into the details of Pfizer's clinical trial and the potential impact of the vaccine in combating RSV in this vulnerable population. Furthermore, it will explore the financial implications for Pfizer, as the company faces challenges amidst adverse market conditions.ABRYSVO Vaccine Efficacy Study in Older Adults:The ongoing pivotal Phase ...
|
In a recent press release, pharmaceutical giant Pfizer Inc. shared promising topline data from their Phase 2b clinical trial investigating the oral Glucagon-like peptide-1 receptor agonist (GLP-1RA) candidate, danuglipron (PF-06882961). The study focused on adults with obesity who do not have type 2 diabetes. The results revealed that the twice-daily dosing of danuglipron led to statistically significant reductions in body weight from baseline, meeting the study's primary endpoint. Obesity has become a worldwide epidemic, with nearly 40% of adults worldwide classified as overweight or obese. It is a leading risk factor for many chronic diseases, including diabetes, heart disease, and certain types o...
|
Arvinas, Inc. and Pfizer Inc. have recently shared exciting updates regarding their joint efforts to develop vepdegestrant (ARV-471), a groundbreaking oral drug that targets estrogen receptor (ER) degradation. The updated clinical trial data for vepdegestrant will be presented at the prestigious 2023 San Antonio Breast Cancer Symposium (SABCS), a platform renowned for showcasing cutting-edge advancements in breast cancer research. Concurrently, Pfizer Inc. has announced a significant revenue decrease in the third quarter of 2023. Let us examine the implications of these findings for both companies. Vepdegestrant Progress at the San Antonio Breast Cancer Symposium: The 2023 SABCS will serve ...
|
Who are Pfizer Inc's Competitors?
Abbott Laboratories Share Performance
+15.25%
One Year
|
Abbott Laboratories
Profile
Abbott Laboratories operates as a diversified healthcare company with a broad portfolio of products. Their business model is centered around developing and manufacturing various health-related products, including pharmaceuticals, medical devices, nutritional products, and diagnostic technologies. They aim to serve a wide range of healthcare sectors globally by providing innovative solutions that improve the quality of patients' lives.
More about Abbott Laboratories's Market Share
|
Amgen Inc Share Performance
-4.39%
This Year
|
Amgen Inc
Profile
Amgen Inc's business model is centered around developing, manufacturing, and commercializing innovative biotechnology products.
More about Amgen Inc 's Market Share
|
Eli Lilly And Company Share Performance
+2.68%
30 Days
|
Eli Lilly And Company
Profile
Eli Lilly and Company operates as a pharmaceutical company, primarily focused on researching, developing, manufacturing, and marketing prescription drugs across various therapeutic areas.
More about Eli Lilly And Company's Market Share
|
Bristol myers Squibb Company Share Performance
+3.71%
This Quarter
|
Bristol myers Squibb Company
Profile
Bristol Myers Squibb Company is a pharmaceutical firm that operates on a research and development-driven business model, focused on discovering, developing, and delivering innovative medicines to treat various diseases. The company collaborates with academic institutions, government organizations, and other pharmaceutical companies to advance their portfolio of therapeutics and improve patient outcomes.
More about Bristol myers Squibb Company's Market Share
|
Merck and Co Inc Share Performance
+25.76%
One Year
|
Merck and Co Inc
Profile
Merck and Co Inc operates primarily as a research-intensive pharmaceutical company, engaging in the development, manufacturing, and marketing of prescription drugs and vaccines worldwide. The company focuses on discovering innovative solutions to address unmet medical needs across various therapeutic areas, collaborating with academic institutions and conducting clinical trials to evaluate the efficacy and safety of their products. Merck and Co Inc also holds a strong commitment to the well-being of patients and aims to contribute to global healthcare by delivering high-quality, affordable medications.
More about Merck and Co Inc 's Market Share
|
Enact Holdings Inc Share Performance
+5.64%
This Quarter
|
Enact Holdings Inc
Profile
Enact Holdings Inc operates as a private mortgage insurance company. It provides mortgage insurance products and services to lenders, helping them mitigate risk associated with low down payment residential mortgages.
More about Enact Holdings Inc 's Market Share
|
Abbvie inc Share Performance
+2.30%
30 Days
|
Abbvie inc
Profile
Abbvie Inc operates primarily as a global biopharmaceutical company. Its business model centers around researching, developing, manufacturing, and commercializing advanced therapies and medications focusing on critical areas like immunology, oncology, neuroscience, virology, and more. By leveraging its expertise and capabilities, Abbvie aims to improve patient outcomes, address unmet medical needs, and provide value to its stakeholders in the healthcare industry.
More about Abbvie inc 's Market Share
|
Johnson and Johnson Share Performance
+3.18%
One Year
|
Johnson and Johnson
Profile
Johnson & Johnson operates as a multinational healthcare company with a diversified model. They develop, manufacture, and sell a broad range of pharmaceutical, medical devices, and consumer goods. Their business is focused on improving the health and well-being of people worldwide through innovation, research, and strategic acquisitions.
More about Johnson and Johnson's Market Share
|
Biogen Inc Share Performance
-21.31%
One Year
|
Biogen Inc
Profile
Biogen Inc's business model revolves around researching, developing, and commercializing therapies for neurological and neurodegenerative diseases.
More about Biogen Inc 's Market Share
|
Gilead Sciences Inc Share Performance
-8.05%
This Quarter
|
Gilead Sciences Inc
Profile
Gilead Sciences Inc's business model revolves around researching, developing, and commercializing innovative medicines in various therapeutic areas, with a primary focus on antiviral drugs. They aim to address unmet medical needs and improve the lives of patients worldwide.
More about Gilead Sciences Inc 's Market Share
|
Procter and Gamble Co Share Performance
+10.52%
One Year
|
Procter and Gamble Co
Profile
Procter and Gamble Co. operates with a business model focused on providing consumer packaged goods. The company develops, manufactures, and distributes a wide range of products across various categories such as personal care, cleaning agents, health care, and pet care. P&G?s business strategy entails innovation, brand building, and efficient supply chain management to meet consumer demand and maintain a strong market position.
More about Procter and Gamble Co's Market Share
|
Zivo Bioscience Inc Share Performance
+9.25%
30 Days
|
Zivo Bioscience Inc
Profile
Zivo Bioscience Inc's business model is centered around researching, developing, and commercializing naturally derived compounds for various applications in human and animal health. They focus on harnessing the potential of proprietary algal cultures to produce high-value, sustainable bioactive compounds. By leveraging their expertise in algae-based technologies, Zivo Bioscience aims to generate revenue through partnerships, licensing, and commercial agreements in industries such as functional foods, dietary supplements, and pharmaceuticals.
More about Zivo Bioscience Inc 's Market Share
|
Balchem Corp Share Performance
+23.60%
One Year
|
Balchem Corp
Profile
Balchem Corporation operates through four business segments - Human Nutrition & Health, Animal Nutrition & Health, Specialty Products, and Industrial Products. They specialize in the production and distribution of high-quality ingredients and solutions that improve and enhance the health and performance of humans, animals, and industries globally.
More about Balchem Corp's Market Share
|
Patterson Companies Inc Share Performance
+5.09%
One Year
|
Patterson Companies Inc
Profile
Patterson Companies Inc's business model focuses on distributing and selling a wide range of products and solutions to various industries, including dental, animal health, and rehabilitation.
More about Patterson Companies Inc 's Market Share
|
Petvivo Holdings Inc Share Performance
-3.74%
This Year
|
Petvivo Holdings Inc
Profile
PetVivo Holdings Inc's business model revolves around developing and commercializing innovative medical devices that benefit pets.
More about Petvivo Holdings Inc's Market Share
|
Baxter International Inc Share Performance
+2.84%
30 Days
|
Baxter International Inc
Profile
Baxter International Inc is a global healthcare company that specializes in providing a wide range of medical products and services. They operate through various business segments including Pharmaceuticals, Medical Products, and Renal Care, offering solutions for hospitals, clinics, and home-based healthcare settings.
More about Baxter International Inc 's Market Share
|
|