Pfizer looks to expand oncology business

NEW YORK Pfizer is planning on expanding its oncology business in hopes of making up for the revenue the company will lose when its No. 1 selling drug, Lipitor, loses patent protection in 2010, according to published reports.

The company recently hired Garry Nicholson from Eli Lilly to run its oncology business. Now, Pfizer chief executive officer is putting “Pfizer’s full scope and scale” behind a push into the cancer market where now, Pfizer only receives about 5 percent of its annual sales.

But, with the oncology drug market forecasted to grow 50 percent to $85 billion by 2013, Kindler believes that, “There are a lot of patients that are suffering, and there's a tremendous opportunity to meet their needs.”

But, with the oncology drug market forecasted to grow 50 percent to $85 billion by 2013, Kindler believes that, “There are a lot of patients that are suffering, and there's a tremendous opportunity to meet their needs.”

Pfizer though is looking for more uses of Sutent, and now is conducting tests on the drug to treat breast cancer and also is looking to treat pancreatic cancer with a drug called axitinib. Results are due next year.