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Pfizer Australia Announces Local $34m R&D Boost

Friday April 1, 2005

Pfizer Australia has markedly reinforced its commitment to the nation’s medical research and development future by entering the Federal Government’s P3 pharmaceutical investment scheme.

Pfizer Australia’s acceptance into P3 was announced this morning and follows the company’s participation in the previous incentive programs, PIIP and Factor F.

P3 entry boosts the company’s current commitment to R and D of $150M over four years to as much as $184m, a rise of almost 25 percent.

Pfizer Australia Regional Director John Young said the increased support was a measure of the importance the company places on supporting scientific research and ensuring the best brains stayed in the country.

“We already support local medical R & D, through initiatives like the Pfizer Australia Research Fellowships which award grants totalling well over one million dollars to some of our brightest researchers,” Mr Young said.

“Our CVL (Cardio Vascular Lipid) and Neuroscience Research Grant programs are recognised as the best in their fields.

“A wide range of collaborative private sector partnerships have put us at the forefront of Australia biomedical discovery.

“Entry into P3 builds on all that and feeds into the Pfizer annual global commitment of $US7.9 billion that makes us the world’s largest private sector medical research investor.”

Mr Young said decisions to commit to local research programs were not taken lightly, especially in countries where conditions were not always conducive to investment.

He said there were global dividends in spreading R & D investment and Australian researchers were regarded as some of the best in the world.

In return for its participation in P3, Pfizer Australia could be rebated up to $10m under incentives offered by the Government to encourage investment in R & D.

Pfizer Australia is the nation’s leading research-based health care company. It discovers, develops, manufactures and markets innovative medical treatments for both humans and animals. For more information visit the links on this site.