May 10th, 2012
Goodbye, Lipitor. Pfizer Bids a Farewell
Wall Street Journal
Pfizer Inc. conducted an intriguing experiment in brand marketing this year, aggressively pushing the cholesterol-fighting drug Lipitor in the U.S. even after its patent expired on Nov. 30.
But after spending more than $87 million promoting the medicine, the world’s biggest drug company is quietly giving up on its once-great cash cow for good because more generic versions will soon be going on sale.
Pfizer officials told The Wall Street Journal that the company is no longer negotiating new contracts to sell Lipitor to health plans, which are signing up to sell generic versions at far lower prices. The company recently stopped sending sales representatives to promote Lipitor to doctors and halted advertising in print, on television and online, which once commanded a $271.9 million yearly budget.