Pfizer is a pharmaceutical company that is here to help us have a better health. It was founded in (1849) by two cousins Charles Pfizer and Charles Erhart. It was made to discover and developing new ways to prevent and treat disease and also to improve health in the world. The company focuses on meeting the world help needs. Pfizer specializes in many medicines. They have medicines to help all health needs in the world. Throughout this report, I will be discussing all different kinds of medicines this company prescribes, the health and wellness of this company, the leadership and structure and many more important key points about Pfizer. I will also discuss the time line of this company on when events took place.
Exploring the History of Pfizer
Two cousins, Charles Pfizer and Charles Erhart from Germany open a small company with some money that was borrowed from Charles Pfizer father in (1849). Their first company was open in Brooklyn, New York in a section of Williamsburg. This small red brick building serves as everything, the office, warehouse, laboratory and the factory. Charles Pfizer was a chemist and Erhart was a confectioner and together they made their first product which was a palatable form of santonin. This product was an antiparasitic used to treat intestinal worms. The santonin was blend with almond-toffee flavoring and shape into a candy cone. It was a wonderful success and the company launch. (Pfizer 2009) In 1862, Pfizer launched its first domestic production of tartaric acid and cream of tartar. “Tartaric acid was used as a laxative and a skin coolant during the Civil War.
The cream of tartar was a diuretic and a cleaning agent and also a vital drug to help meet the needs of the Union Army. Among these are iodine, morpahine, cholorform, camphor, and maercurials which are also used in the emerging field of photography.” (Pfizer 2009) By the (1968), the company doubles its side. It have increase it product line and also add 150 new employees. With the company growth, they buy a new building in Manhattan and moves it headquarters there. In (1880), the company started imported concentrates of lemon and lime which Pfizer begins manufacturing citric acid. They became the top producer of citric acid. Once the new drinks gain popularity; like Coca-Cola, Dr. Pepper and Pepsi-Cola, the demand for citric acid climbs the charts. (Pfizer 2009) As the company double over the year, Pfizer opens an offices and warehouse in Chicago, Illinois, the first location outside the city limit of New York in (1882). On December 27, 1891, Charles Erhart dies and leaves a partnership worth over $250,000 to his son William.
But in an agreement among Pfizer and Erhart, Pfizer could buy Erhart’s share at half inventory value. Pfizer became consolidating ownership of the company. (Pfizer 2009) “Pfizer files an official certificate of incorporation in the state of New Jersey, with authorized capital of $2 million divided into 20,000 shares of $100 each. Pfizer would remain a privately held company until June 22, 1942, when 240, 000 shares of new common stock were offered to the public. Charles Pfizer appointed his youngest son President at a special board meeting. Emile serves as President from (1906) to (1941) and briefly as Chairman in (1941). He was the last member of the family to be an activity member of the company. Charles Pfizer dies at the age of 82 while vacationing at his Newport, Rhode Island estate in 1906.
The company has exceeded its sales to 3 million dollars by this time of Pfizer death. Once Pfizer dead, the board of director meets and name John Anderson as chairman of the company. Anderson first started working at Pfizer Inc as an office boy in (1873) and remained chairman until (1929) when he stepped down. (Pfizer 2009) A fermentation-free method of ascorbic acid was developed which was vitamin C. Pfizer was one of the biggest producers of vitamin C. Next came vitamin B-2, or riboflavin, and eventually develops a vitamin mix that includes riboflavin, thiamin, niacin, and iron. Pfizer had a miracle drug called penicillin. This drug was use for soldiers in the war. Pfizer receive an award on April 17, 1943 from the Army for it company’s contribution to the war. (Pfizer 2009) By the 1951, Pfizer have expanded its company in Belgium, Vrazil, Canada, Cuba, England, Mexico, Panama, and Puerto Rico. In (1952), Pfizer introduce an Agricultural Division of the company to offer animal health problems in Terre Haute, Indiana. Pfizer also open another plant in England in (1955). This plant was a fermentation plant for research and development operations in Great Britain. The company was doing so well, they open another Pfizer pharmaceutical plant in Mexico, Italy, and Turkey.
The company workers increase from 4,300 to over 7,000 workers in just one year. (Pfizer 2009) (In 1967), the company introduced its first one a day antibiotic called Vibramycin (dozycycline hyclate). As the year over taken, Pfizer had a drug called Feldence that became one of the largest-selling prescription anti-inflammatory medications in the world. From 1984-1989, Pfizer had introduce four new drugs. The first drug was Glucotrol which is for diabetes. The next drug was Unasyn (ampicillin sulbasctam). It was an injectable antibiotic. They produced a medication for angina and hypertension which was Procardia XL that is a medication that you take once-a-day. (Pfizer 2009) In June (2001), Hank Mckinnell announces that Pfizer to become the world’s most valued company to patients, customers and the communities we live in everyday.
He announced a commitment to fund the building of a regional treatment and training center on the campus of Makerere University in Kampala as part of the Academic Alliance for AIDS Care. As the years passed by, Pfizer announces the launch of a three-year initiative to provide grants to support training and capacity building for HIV/AIDS in developing countries in (2002). (Pfizer 2009) In 2003 research and development received over $7.1 billion of investment from Pfizer. They start on a new medication to treat migraines called Relpax. The US Food and Drug Administration approved the first treatment drug called Lyrica to treat neuropathic pain associated with diabetic peripheral neuropathy in two forms. This drug also helps treat adults with epilepsy with partial onset seizures. On October 15, 2009, Pfizer wanted to help the lives of the patients and consumers by creating a company with on training products and therapies. (Pfizer 2009)
Pfizer have three different section of within their company. Pfizer is a incorporation which is a public company that was established in 1849. It is there to discover, develops, manufactures and market human and animal pharmaceuticals drugs. The Pfizer Inc. Corporate Giving Program is a complement of its foundation. Its corporate makes charitable contributions to nonprofit organizations directly. But last not least, The Pfizer foundation supports programs designed to promote access to quality health care and support the involvement of Pfizer community colleagues. (National Directory of Corporate Giving)
The foundation have special emphasis in four strategies. The first strategy is to improve health care for people in need. The second strategy is to teach individuals about health care and a way to prevent things from happening to health care workers and individuals as a whole. Third strategy is to increasing the faculty of health organizations to provide care to people in need. But last, to measure the impact by serving partnership with experts to be able to share the best practice offer. (National Directory of Corporate Giving)
Pfizer leadership and Structure
This company is made up of the best senior level executive personnel and the best decision-making board member there is offer. This board was brought together to focus on the major decisions of the company. Pfizer had several kinds of health care businesses. Pfizer had businesses such as Capsugel, Oncoogy, Nutrition, and Animal Health. Each company was run by a top executive who had very good knowledge of the company and products. (Pfizer 2009) The Board of Directors is elected annually by shareholders. They are the decision-making body of the company with the help of the shareholders. The Board selects the senior management team, which is charged with the conduct of the Company’s business. The board currently has 16 directors. (Pfizer 2009)
Pfizer was the first company to establish a corporate governance department. Pfizer understand to be trusted by public, they must have a good corporate governance and transparency. Pfizer stated “In order to create and sustain value for our stakeholders, and for society as a whole, we must first practice responsible business principles.” “And, we must take into account our stakeholders’ interests and be held accountable to them.” As reading the quote above from Pfizer Company, it clearly states that public opinion matter the most to them. The company want to make sure everyone have some kind of involves with their business. (Pfizer 2009)
Pfizer has a public policy select in its company. That’s a way the company communicate to people who have a part in their company. The public will be able to have discussing about the company and its product. The public policy is made so that the public can response to item to help improve the company to have better product and also to introduce new product into the company. (Pfizer 2009)
Phrases of Development
Pfizer Company has four different phrases of clinical development which new drugs are developed through a series of trails. Phrase 1, the company have healthy individual to volunteer for an experiential medicine which is called investigational new drug. This medicine is design to cure a disease which the volunteer currently have. A low dose of this medication is administered to the individual with highly supervision. The volunteer is watch very closed to record it responds to the medication to measure the doses that is best for that individual. (Pfizer 2009) In the second phrase, the drug is watched much closer to see what method is best for the individual.
The method can be ever an oral or injection method. These patients for this stage are highly recommended by doctors or is a patient that has the disease that the drug is believed to treat. Phrase 3 is basically checking the results of the experiment to make sure the drug is working properly. The last phrase gather all the result form the trail period to make sure everything when as occurring as plan. They gather all the information on the drug about any risk that could occur while testing this drug on individuals. (Pfizer 2009)
Pfizer have many grants that they give out to university, foundation and other organizations. Pfizer also have many programs within it company. I will list and discuss some of the programs: ConnectHIV: The foundation supports programs designed to serve communicates that are disproportionately affected by HIV/AIDS through grants to 20 mid-sized AIDS service organizations in the 10 states of the US with the highest number of new AIDS cases. The program is designed to prevent new infections to high-risk populations and delay disease progression for those already infected by supporting ASOs that take a comprehensive approach to presentation, access to care, and treatment. (National Directory of Corporate Giving)
Science in Schools: The foundation supports programs designed to improve education in communities around the world. Special emphasis is directed toward programs designed to build fully-equipped science labs and math classrooms to train local science teachers and develop initiatives to encourage corporations and individuals to partner with local schools. It also helps teachers to study science in order to bring innovative knowledge and technology into the classroom. (National Directory of Corporate Giving)
Volunteer Programs (PVP): The foundation awards grants up to $1,500 to performing arts groups, museums, agencies serving the elderly, schools, libraries, hospitals, and community health organizations which employees and retirees of Pfizer volunteer. (National Directory of Corporate Giving)
Matching Gift: The foundation matches contributions made by employees and retirees of Pfizer to nonprofits organizations on a one for one basis. (National Directory of Corporate Giving) Global Health Partnerships: Advancing Caner and Tobacco Control: The foundation support the partnership of public health in the areas of tobacco independence and oncology. It important is directed toward programs with impact serving as global models in improving cancer-related health outcomes, supporting cancer control and encouraging tobacco independence.
Pfizer Animal Health
Pfizer is one of the world leaders in Veterinary-prescription medicines. Pfizer supports the veterinarians and animal food producer in making sure food is healthy for animals. Making sure the food is healthy for the animal ensures they will live a longer live. Pfizer also help support the veterinary to prevent animal illness.
The next half of my research will be discussing articles that I have researched on about Pfizer found in different magazines. I will be at the best of my knowledge summary the article to assure your understanding. I will also attached copies of the article at the end of the paper. “Will Pfizer’s giveaway drugs polish its public image?” The first article I will summarize is “Will Pfizer’s giveaway drugs polish its public image? This article was much unexpected. Pfizer decided to have a giveaway on drugs to reconstruct their company in August 2009. They made this service available for people who have lost their jobs. Pfizer have helped people out before financial but not a giveaway drugs day.
Other pharmaceutical industry wants to do the same thing to help other out also. Pfizer believer this was a good way of letting the public now that curing the disease is the main thing that is important to their company. I believe this article surprise a lot of people all over the world. It was a good thing that Pfizer decide to giveaway drugs to help the people in needed. I think all pharmaceutical company should at least try this once a year to improve their rating of their company. If other company participates in these events, their sells will increase over time. It’s also important that other people are concern about your health as well as yourself. This giveaway made a lot of people happy expressly the one that could afford to buy these drugs on their own.