Pfizer Will Invest $2.5B to Expand Manufacturing in Europe
US-based drug manufacturer Pfizer Inc. has said it will invest a combined $2.5B in Belgium and Ireland — hoping to make up lost revenue as COVID vaccine sales decline and patents on other drugs expire.
Facts
- US-based drug manufacturer Pfizer Inc. has said it will invest a combined $2.5B in Belgium and Ireland — hoping to make up lost revenue as COVID vaccine sales decline and patents on other drugs expire.
- This includes an investment of $1.26B, announced Friday, to expand its Puurs facility in Belgium which, in a partnership with German company BioNTech, played a key role in the production of its COVID mRNA vaccines.
- Meanwhile, its further $1.26B investment in Ireland, announced Thursday, will add 400 to 500 jobs and allow it to double its production of material for biological drugs and vaccines. The Belgian Purrs investment is expected to add 250 jobs to expand the finalizing and bottling of drug products as well as its packaging and storage capabilities.
- With patents for big sellers like cancer treatment Ibrance and arthritis drug Xeljanz running out by 2025, Pfizer hopes to introduce 19 new medicines — including treatments for ulcerative colitis and migraines and a vaccine for Respiratory Syncytial Virus (RSV).
- The move comes as the European energy crisis is pushing some industries to consider moving to different markets, including the US. Pfizer has also announced plans to expand its manufacturing at its Kalamazoo, Mich., Rocky Mount, N.C., and McPherson, Kan. plants. It also plans to spend roughly $1B on gene therapies at sites in Mass. and N.C.
- The investment for the pharmaceutical giant, which has already grown its workforce since the pandemic from 2.8K to 4.5K, comes as European corporations deal with soaring costs of energy, labor, raw materials, and credit.
Sources: Globe and Mail, Market Screener, Reuters, and 1470wmbd.
Narratives
- Establishment-critical narrative, as provided by KHN. Having made billions of dollars off of its monopoly on vaccines and undue influence on policymakers, Pfizer has come out the one true winner of the COVID pandemic. Now, having finally run its money-making racket dry, the company is looking to Europe for its next unscrupulous profiteering venture.
- Pro-establishment narrative, as provided by Fierce Pharma. This investment, particularly for Ireland, is a continuation of half a century of business between Pfizer and its European partners. This expansion is an opportunity to advance both Europeans' health and their economy and is a smart business decision for the pharmaceutical giant.
