Pfizer to layoff 800 researchers

NEW YORK, Jan. 14 (UPI) -- A Pfizer Inc. executive said as many as 800 researchers will be cut by the U.S.-based pharmaceutical company this year.

The Wall Street Journal said the job cuts, which would equal 5 percent to 8 percent of the company's 10,000 research employees, will be made at Pfizer's labs worldwide.

Martin Mackay, head of Pfizer's research and development, told the newspaper the cuts are part of a continuing effort to focus research work on treatments with the best chances of reaching the market.

The report said major drug makers are finding that in-house research is too costly.

"Nobody in the industry is happy with our productivity," Mackay said.