register

News & Trends - Pharmaceuticals

Pfizer sets bold strategy to redefine oncology market post acquisition

Health Industry Hub | March 4, 2024 |

Pharma News: At the Pfizer Oncology Innovation Day, the company unveiled its strategic priorities for the newly formed oncology business following the acquisition of Seagen for $43 billion. The event, attended by members of the investment community, shed light on Pfizer’s commitment to advancing cancer treatments through a deep and diverse pipeline, industry-leading oncology expertise, and anticipated catalysts set to drive robust growth and shareholder value.

Against a backdrop where approximately 20 million people globally received a cancer diagnosis in 2022 alone, Pfizer’s strategic focus aims to position the company as a major player in the projected $500 billion oncology market by 2030.

Chris Boshoff, Chief Oncology Officer at Pfizer, emphasised the company’s dedication to innovation in the fight against cancer.

“Seagen has pioneered the technology and development of antibody drug conjugates (ADC), which is emerging as a very important tool in the fight against cancer,” stated Mr Boshoff. “Today, nearly half of all the FDA approved and marketed ADCs are developed by Seagen. By combining our respective strengths, experience, and heritage, we are uniquely positioned to deliver additional breakthrough cancer medicines to more people around the world.”

He expressed confidence in the newly combined oncology business, stating “Our expertise and collective capabilities are now amplified to deliver even more impact for patients than each company could do by itself.”

At an inflection point of leadership, the company set ambitious goals for the next five years. Mr Boshoff outlined the vision, “We expect to impact many more lives of patients with cancer, aiming to double the number of patients treated with innovative cancer medicines by 2030. We are focused on three main modalities where we have significant depth, world class capabilities and expertise; small molecules, antibody drug conjugates and bispecific antibodies, including other immune-oncology biologics.”

Pfizer CEO, Albert Bourla, emphasised the significance of the collaboration with Seagen, stating “With our combined expertise, broad portfolio, and global scale, we believe we can do something truly special, accelerate breakthroughs to help people with cancer live better and longer lives.”

However, Mr Bourla reminded attendees that Pfizer’s commitment to oncology does not overshadow its broader corporate priorities. He outlined the additional four areas of focus for the company.

“First, it is to maximise the performance of our new products both newly launched and acquired with a relentless focus on execution. Second priority, delivering the next wave of pipeline innovation outside of oncology with focus on vaccines and effective metabolic diseases and inflammatory. Third is realigning our cost base, driven by our goal of 4 billion in annual net cost savings, and by the end of this year, we feel very confident that we will do that. And of course fourth, use the capital in a way that will enhance shareholder value, including our commitment to a growing dividend,” he concluded.

In reimagining healthcare across the entire patient journey, Health Industry HubTM is the only one-stop-hub uniting the diversity of the Pharma, MedTech, Diagnostics & Biotech sectors to inspire meaningful change.

The Health Industry HubTM content is copyright protected. Access is available under individual user licenses. Please click here to subscribe and visit T&Cs here.


News & Trends - Pharmaceuticals

New combination therapy improves survival rates for Aussies with advanced prostate cancer

New combination therapy improves survival rates for Aussies with advanced prostate cancer

Health Industry Hub | February 14, 2025 |

A world-first treatment approach has demonstrated significant advancements in the management of metastatic castration-resistant prostate cancer (mCRPC) compared to conventional […]

More


News & Trends - Pharmaceuticals

'Don't just learn what illness is, learn what it feels like,' Dr Ben Bravery

‘Don’t just learn what illness is, learn what it feels like,’ Dr Ben Bravery

Health Industry Hub | February 14, 2025 |

With the iconic Sydney Harbour as a backdrop, the Merck Healthcare team came together for a dynamic and engaging kick-off […]

More


News & Trends - MedTech & Diagnostics

GE HealthCare, Lumus Imaging and GenesisCare unite to bring advanced technology to patients

GE HealthCare, Lumus Imaging and GenesisCare unite to bring advanced technology to patients

Health Industry Hub | February 14, 2025 |

GE HealthCare and Lumus Imaging have joined forces to enhance medical care in Sydney’s Campbelltown region, unveiling a state-of-the-art imaging […]

More


News & Trends - MedTech & Diagnostics

World-First mobile CT for regional healthcare

World-First mobile CT for regional healthcare

Health Industry Hub | February 14, 2025 |

An Australian X-ray technology company developing a world-first full-body mobile CT following the award of an up to US$16.4m (A$25m) […]

More


This content is copyright protected. Please subscribe to gain access.