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Monday, December 3, 2007 : 1000 Hrs |
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Business
Houston (PTI): Pfizer, a US-based pharmaceutical giant, is looking to cut costs by outsourcing as much as 30 per cent of its manufacturing to facilities in Asia, particularly in India and China.
New York-based Pfizer now outsources about 15 per cent of its manufacturing capabilities. The company aims to double that figure, as part of cost-cutting measures.
Pfizer, which announced the plan at an investor presentation in Hong Kong, also said it would expand its research and development investments in China, India, Japan and South Korea.
The company, which has major operations in New Jersey, announced earlier this year it would save USD 2 billion by cutting its global work force 10 per cent, or about 10,000 jobs.
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