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Pfizer Korea “Advocate for pro-innovation and pro-patient policies”
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Pfizer Korea “Advocate for pro-innovation and pro-patient policies”
  • Hyeokgi Lee & Jaehoon Song, Newsmp
  • 승인 2022.12.23 10:06
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First open house after relocating the company… “Pursuit of improving accessibility through innovation”

[Newsmp]

Innovation that changes patients’ lives

Pfizer Korea presented a blueprint to create a healthier world through innovation after completing the relocation of its company building.

Pfizer Korea, which recently moved the company to Namsan State Tower after wrapping up its 15-year Pfizer Tower era, held its first open house on the 20th since leaving the old place.

At this event, Oh Dong-wook, CEO of Pfizer Korea, expressed his ambition to change the life of patients through innovation that cannot be imitated, not innovation that is one step ahead.

CEO Oh said, “Pfizer is working hard to realize the corporate goal of breakthroughs that change patients’ lives,” adding, “Pfizer Korea is also trying to realize this vision for the future.”

Pfizer has been named the most innovative company for the third year in a row, with a significant gap from the second place.

“Pfizer is pursuing innovation that others cannot follow,” said Oh. “We will become a company that advocates pro-innovation and pro-patient policies.”

▲ Pfizer Korea presented a blueprint to create a healthier world through innovation after completing the relocation of its company building (CEO Oh Dong-wook, Photo Credit: Newsmp).
▲ Pfizer Korea presented a blueprint to create a healthier world through innovation after completing the relocation of its company building (CEO Oh Dong-wook, Photo Credit: Newsmp).

Pfizer has grown in size by raking in innovative new drugs through a series of large-scale mergers and acquisitions around 2000, and after 2020, Pfizer set out to strengthen internal stability.

Pfizer acquired Warner-Lambert in 2000 to embrace Lipitor, the world's No. 1 drug and took over Pharmacia & Upjohn to add Celebrex to its portfolio.

Since then, Pfizer has expanded its business into the bio sector by acquiring Wyeth, which owns Prevnar and Enbrel, and stretched its scope to generics and biosimilars through Hospira.

However, as the patent term of leading pharmaceutical products expired one by one, Pfizer boldly began to clean up as growth reached the limit.

After spinning off the Upjohn division centered on off-patent medicines, Pfizer changed its business structure to focus on innovative medicines. This means that Pfizer will start to choose and focus.

Then, even the corporate logo was changed from a pill to a DNA shape, revealing its will to innovate. Pfizer is willing to pursue innovation that others cannot imitate, so-called “pro-innovation.”

As a result of these efforts, it is evaluated that Pfizer was able to be selected as the ‘Best Innovative Company’ with a significant difference from the second-place company.

Pfizer’s innovation is not just about drug development. It is an aspiration to strengthen patient access by developing drugs that can meet expedited approvals.

Moreover, Pfizer plans to support underdeveloped countries that lack access to new drugs for economic reasons to build a more fundamentally sustainable medical system through various partnerships.

The relocation from Pfizer Tower to Namsan State Tower, a short distance away, of Pfizer Korea also implies this will.

With the aim that the work of executives and employees should be meaningful, Pfizer Korea has established a smart office through the relocation of the office building to provide an optimal workspace.

In addition, Pfizer Korea Pharmaceutical Korea recently found a COVID division to contribute to overcoming COVID-19.

The COVID business unit plans to support the timely introduction of vaccines and treatments between the Pfizer headquarters and the Korean government so that they can be approved and used in the field in response to new infectious diseases as well as COVID-19.

Currently, Pfizer is developing a second-generation vaccine and treatment with a higher efficacy and more lasting effect, in addition to mRNA vaccine (Comirnaty) and oral treatment (Paxlovid) and spurring the development of a combined vaccine for COVID-19 and influenza.

Pfizer is also pursuing innovation in Environmental, Social and Governance (ESG) issues. The goal is to double energy efficiency and reduce greenhouse gas emissions by 46% by 2030.

Pfizer agreed to supply 23 medicines and vaccines at non-profit prices to improve health equity for 1.2 billion people in 45 countries.

The company also explained that it is fulfilling its corporate responsibility in governance, such as being selected as the best company for women, the best company for diversity, and the most ethical company in the world.

In the meantime, Pfizer Korea is strengthening corporate social responsibility with global Pfizer. According to the company, Pfizer Pharmaceuticals Korea reduced greenhouse gas emissions by 40% over the past two years between 2018 and 2020.

Through various campaigns, Pfizer is raising disease awareness as well as supporting patients and vulnerable groups and focusing on research support and fostering the healthcare industry.

Furthermore, the company points out that it is spreading a culture of diversity, equality and inclusion by operating the KOR D (Diversity) & I (Inclusion) Group and practices gender equality that 59% of all employees and 57% of executives are women.

Oh Hye-min, Policy & Public Affairs Lead at Pfizer Korea, said, “In line with global Pfizer, Pfizer Korea will pursue long-term sustainability by practicing Pfizer's value of ‘innovation that changes patients' lives’ across the environment, society and governance through ESG initiatives for a healthier world.”


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