As drug patents expire, the pharmaceutical giant is investing in technology and emerging markets while cutting back on R&D and labor. 2007Chuck Williams leaves after serving for six years as Pfizer’s first CTO/CIO. He’s replaced by Walt Hauck, who had been at Pfizer since 1995. 2008Pfizer creates emerging markets business unit Pilots the eCard patient loyalty card in the Philippines CIO Hauck leaves, replaced by interim CIO Rich Nossek. 2009Pfizer starts development of CUE, a cloud-based CRM application for sales agents marketing pharmaceuticals to physicians (October) Pfizer acquires Wyeth for $68 billion, spending another $569 million on integration. Jeff Keisling, former Wyeth CIO, is appointed Pfizer CIO, replacing Nossek. 2010Pfizer spends another $1 billion on Wyeth integration, completing 500 projects. Achieves $2 billion in cost reductions. R&D spending is $9.4 billion (December) CEO Jeff Kindler resigns under pressure from the board as other senior executives reportedly agitate for change at the top Ian Read, former head of Pfizer’s worldwide biopharmaceutical business, takes over and continues cost-cutting plans already in progress Workforce totals 110,600, down 10,100 from the October 2009 completion of the Wyeth acquisition 2011Pfizer plans to reduce R&D spending by between $1.1 billion and $1.4 billion, to between $8 billion and $8.5 billion (November) Lipitor patent expires 2012Pfizer plans to cut $4 billion to $5 billion in costs by the end of the year. This includes another $1.5 billion to $2 billion from R&D, cutting that budget to $6.5 billion to $7 billion. 2019Viagra patent expires Follow Senior Editor Kim S. Nash on Twitter: @knash99. Related content BrandPost Leadership superpower: Succeeding sustainably As today's great leaders recognize, true success is not solely measured by the bottom line but also by the impact a business has on its stakeholders, including employees, partners, and the environment. By Marie Kalliney, Practice Leader, Digital Transformation Services, Broadcom Mar 28, 2023 5 mins IT Leadership BrandPost Helping the C-suite leverage their network as a business-boosting asset By Tanya O'Hara Mar 28, 2023 3 mins IT Leadership Opinion 5 hard questions every IT leader must answer Strong leadership is vital to IT success — and shouldn’t be taken for granted. Continual self-reflection is essential for knowing whether it’s time to restructure your approach to leading IT. By Thornton May Mar 28, 2023 5 mins Business IT Alignment IT Leadership Feature CIOs address the impact of hybrid work Assessing how some of the most progressive CIOs strive to provide both technological and emotional support for a dispersed workforce. By Pat Brans Mar 28, 2023 8 mins CIO Remote Work Employee Experience Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe