As Pfizer looks to write the next chapter in its impressive history of research and development, the world's largest pharmaceutical company is starting to look outside company walls and recruit local talent. According to the Boston Globe, Pfizer has been setting up satellite offices in academic hubs around the country as part of a five-year, $100 million search for the company's next blockbuster innovation.
Pfizer has broken ground on offices near San Diego, San Francisco and New York City, but its new Boston campus is attracting the bulk of early attention. The site was selected for its close proximity to several highly regarded teaching hospitals, with in-house researchers increasingly eager to collaborate with field experts.
According to the Globe, competitors including Novartis, Sanofi and Merck are following in Pfizer's footsteps in establishing their own operations in the area as well.
"Boston is without a doubt number one for pharmas trying to cash in on the hope of a mother lode," life sciences consultant Kevin Gorman told the news source. "They're placing bets on the roulette table. But it's also a reflection that the internal efforts of the pharmas haven't been terribly productive."
The inspiration for this strategy diversification likely came in anticipation of Pfizer's flagship drug, Lipitor, coming off patent earlier this year. But according to Forbes, the company's market hit was not as severe as Wall Street analysts had predicted. As a result, the pharmaceutical giant may have more time than it thought to drive innovation through its New England campus.