Pfizer cost-cutting is bid to raise share price
They worry this could be the beginning of the end of large-scale, foreign direct investment by pharmaceutical companies manufacturing high-cost drugs and delivering well-paid jobs to thousands of Irish workers. However, their understandable anxiety is over-played.
A combination of factors conspired to result in Pfizer, the world’s largest drugmaker, unveiling plans to sell two Irish manufacturing plants and shut down part of a third facility as the company seeks to reduce global costs by as much as €1 billion. Close to 540 Irish jobs are on the line.
