Pfizer Incorporated (NYSE: PFE; English pronunciation: /ˈfaɪzər/) is a global pharmaceutical company, ranking number one in sales in the world. The company is based in New York City, with its research headquarters in Groton, Connecticut. It produces Lipitor (atorvastatin, used to lower blood cholesterol); the neuropathic pain/fibromyalgia drug Lyrica (pregabalin); the oral antifungal medication Diflucan (fluconazole), the antibiotic Zithromax (azithromycin), Viagra (sildenafil) for erectile dysfunction, and the anti-inflammatory Celebrex (celecoxib) (also known as Celebra in some countries outside the USA and Canada, mainly in South America). Its headquarters are in Midtown Manhattan, New York City.[2]
Pfizer's shares were made a component of the Dow Jones Industrial Average on April 8, 2004.[3]
Pfizer pleaded guilty in 2009 to the largest health care fraud in U.S. history and received the largest criminal penalty ever levied for illegal marketing of four of its drugs. Called a repeat offender, this was Pfizer's fourth such settlement with the U.S. Department of Justice in the previous ten years.[4][5] On January 26, 2009, Pfizer agreed to buy pharmaceutical giant Wyeth for US$68 billion, a deal financed with cash, shares and loans.[6] The deal was completed on October 15, 2009.
Pharmaceutical companies are experiencing increasing pressures to act in ways that are socially responsible with regard to global health problems, particularly in light of the global AIDS pandemic. This article describes an approach undertaken by Pfizer Corporation, which uses international corporate volunteering to build capacity for service delivery in low-resource settings. An evaluation of the Pfizer Global Health Fellows program found that the program has had positive effects on recipient organizations, and has enhanced the personal and professional skills of participating employees. The authors discuss ways to leverage program outcomes for greater impact on employee motivation and professional development, corporate reputation, and accountability for company social performance.
Companies are increasingly being judged not only on "profits delivered, but in terms of principles lived" (Jackson & Nelson, 2004). Businesses and their leaders are being called upon to exercise virtue in fulfilling obligations to employees, communities, and the environment; in other words, to become responsible citizens of the world (Martin, 2002; Wilson & Lombardi, 2001). The need to restore public trust after the corporate accounting scandals of Enron and WorldCom is great. But restoring trust requires more than mere compliance with law (Zadek, 2004). Corporate social responsibility also requires a commitment to aligning corporate strategic goals with pressing societal issues.
The Millennium Development Goals have come to embody the principles of interdependence and vision of social responsibility in the international arena (United Nations General Assembly, 2000). The MDGs focus on reducing poverty, improving quality of life, and assuring environmental sustainability. The role of private commercial partners in assuring that countries make progress in achieving the Millennium Development Goals is vital (Nelson & Prescott, 2003). With regard to the HIV/AIDS pandemic, pharmaceutical companies in particular have experienced the ramping up of global expectations for corporate social responsibility (Leisinger, 2005).
Michael Porter and Mark Kramer have noted that social and economic goals of industry are "not inherently conflicting but integrally connected" (Porter & Kramer, 2002). Corporate expenditures can bring benefits to industry while promoting social goals. Strategic philanthropy is suggested as a way to combine social and economic benefits within the framework of specific business markets. For the global pharmaceutical industry this has meant building bridges of understanding, communication, and relationships with NGO service delivery and advocacy organizations, local governments, citizens, and other key stakeholders living, working, and influencing health care markets in developing countries.
Access to medicines
We are working to improve access to our medicines worldwide. Despite the fact that in some countries healthcare issues are incredibly complex, Pfizer realises it has a role to play, and we’re committed to working in partnership with other national and international public health agencies.
Animal welfare
We all look forward to a time when using animals in research is no longer necessary. But there is currently no alternative if we want to find cures for AIDS and other infectious diseases, heart disease, stroke and cancer. Techniques such as tissue studies and computer models have greatly reduced the number of animals required to determine the efficacy and safety of medicines.
Clinical trials
Patient safety is the number one priority in our clinical studies. Wherever they take place, our trials are conducted within strict international guidelines laid down by the Declaration of Helsinki. They are also conducted in accordance with local laws and regulations and other recognised standards.
Pros
Great job for a student in college
Very flexible and easy going management style
Allowed to work from home on fridays and during summer hours.
Cons
Under went corporate restructuring at my former location. Had to get moved twice throughout a 3 month period. Also communcation from from upper management could have been better
Working for Pfizer in the US, you will enjoy some of the best benefits in any industry.
We are committed to you, your health, security and your future. We have flexibility in our benefits to match your needs, whatever your personal circumstances. While we cannot outline all the personal benefits we offer, some of these are highlighted below.
For starters, our medical coverage offers a choice among traditional indemnity options that provide access to preferred provider organization (PPO) discounts, a PPO option with an in-network and out-of-network feature and coverage under a pharmacy card benefit. Alternatively, managed care options (if available, depending on the employee's residence) allow for flexibility of choice regarding the type of coverage that can best meet the needs of employees and their families.
Our medical and dental coverage under the Pfizer Pflex Plan extends to a qualified adult, which includes a spouse, same- or opposite-sex domestic partner or other qualified family member who meets eligibility requirements. Our plans also include one hundred percent reimbursement for most prescription drugs, irrespective of the manufacturer.
You can also access a choice of two levels of dental coverage, including preventive and orthodontia services and Vision care coverage for a range of services to meet employees vision care needs.
To provide additional support, we provide a health care account to help bridge the gap between health care expenses covered by insurance and eligible expenses that are paid out-of-pocket, by setting aside a certain amount of pretax dollars each year and a dependent care account to help cover eligible out-of-pocket expenses for child or elder care, by setting aside a certain amount of pretax dollars each year.
In your first year of service you can accrue up to 3 weeks of paid vacation, in addition to 13 paid holidays during the year. We provide short-term disability benefits for approved claims in the event of illness, injury, or pregnancy may provide continuation of pay and most benefits for up to 26 weeks. Recently, we introduced a parental leave policy providing a full 6 weeks of paid leave to either parent on the birth of a child.
When considering finances, the Pfizer savings plan has a company match at the rate of one dollar for each dollar on the first three percent of compensation an employee contributes, and 50 cents on the dollar on the next three percent of compensation an employee contributes. The plan offers a choice of 19 investment funds for employee's contributions. Employees can invest from one to 20 percent of pay on a before-tax basis, from one to 15 percent of pay on an after-tax basis, or a combination of both (subject to applicable Internal Revenue Code limits) up to a total of 20 percent of pay. The plan also offers the ability to take a loan, the ability to roll over eligible distributions from a former employer's plan and immediate vesting in both Pfizer's and employee's contributions.
You can also access a retirement plan providing vested employees with an additional source of income upon retirement. Benefits under the Plan can grow as earnings and years of service with Pfizer increase; life insurance for employees (and optional for eligible dependents) in the event of death; long-term disability insurance in the event of total and permanent disability preventing the ability to work and other optional insurance including:
Accidental death and dismemberment insurance for employees and eligible dependents in the event of death or dismemberment due to an accident;
Access to long-term care that may provide income in the event of a physical or mental disability preventing the performance of routine daily activities without assistance;
Access to personal property insurance at special group rates for homes, automobiles, boats, rental property, co-ops, condominiums or recreational vehicles.
For those wishing to continue their studies, we provide up to one hundred percent tuition reimbursement for eligible degrees or courses with no maximum benefit amount to enhance the potential for growth at Pfizer.
We hope that the benefits of a career with Pfizer are clear. Please visit our job postings to learn more about your opportunities with us.
Although this fact sheet contains information about Pfizer's current benefits, policies and other offerings for eligible employees, it is not intended to provide every detail. More details are included in the legal documents governing the various Pfizer plans and programs. In all cases, benefits and other offerings at Pfizer are subject to the terms and conditions as provided in these documents. In the event that there is a conflict between the information in this fact sheet and the official documents, the official documents shall control. The information summarized in this fact sheet is not intended to create any contractual rights or claims on the part of anyone. While Pfizer expects to continue the benefits, policies and offerings described in this fact sheet, it reserves the right to unilaterally amend, modify, or terminate one or more of them at any time for any reason.
Benefits Strategy
Our specialists will work in partnership with you to review and objectively:
Analyst your present plans
Assess the benefits needs of your employees
Provide local market information on statutory requirements and competitive benchmarks
Identify your risk exposures
Design the benefit solution suited to your needs while optimising the cost
Determine the appropriate insurance strategy and insurance providers for your plans
Arrive at meaningful benefit decisions
Benefit Design
A typical benefit design will not only focus on the traditional insurance plans for death, disability and health benefits but may include alternative funding mechanisms such as self-insured plans or alternative medical delivery systems such as Managed Healthcare.
Traditional Indemnity Plans
Group Life
Group Accident
Group Travel
Group Hospital and Surgical
Group Major Medical
Group Dread Disease (or critical illness)
Group Disability Income (short or long term)
Where fully or partially self-insured arrangements are part of the ultimate solution, Mercer offers a claims administration service to ensure the workability of that solution.
Managed Healthcare
Managed Healthcare is the "catch-phrase" of the 'new decade. Many healthcare options exist today that did not exist 10 years ago. These choices require thoughtful evaluation. Our specialists will help you evaluate and select the system that is appropriate for your company's needs.
Flexible Benefits
Flexible benefits is an emerging trend in employee benefits planning. Flexible benefit programs provide basic coverage for major areas of risk (for example, death, disability and medical expenses) and offer a choice of additional benefits to meet individual lifestyles and coverage needs.
Our specialists can help you assess whether flexible benefits is feasible for your organization by looking at your benefit needs and goals, and your financial and administrative constraints.
Multinational Pooling
A multinational pool links together the world-wide insured benefit plans of a multinational company. Its major advantages are:
Substantial cost savings
Improved financial information, leading to greater company control of benefit plans
Improved service and facilities
Our consultants provide company specific advice on:
The advantages of multinational pooling
The most efficient pooling arrangement
How to negotiate and set up multinational pools
Evaluation of international accounts
The possible use of alternative financing arrangements.
Pfizer's shares were made a component of the Dow Jones Industrial Average on April 8, 2004.[3]
Pfizer pleaded guilty in 2009 to the largest health care fraud in U.S. history and received the largest criminal penalty ever levied for illegal marketing of four of its drugs. Called a repeat offender, this was Pfizer's fourth such settlement with the U.S. Department of Justice in the previous ten years.[4][5] On January 26, 2009, Pfizer agreed to buy pharmaceutical giant Wyeth for US$68 billion, a deal financed with cash, shares and loans.[6] The deal was completed on October 15, 2009.
Pharmaceutical companies are experiencing increasing pressures to act in ways that are socially responsible with regard to global health problems, particularly in light of the global AIDS pandemic. This article describes an approach undertaken by Pfizer Corporation, which uses international corporate volunteering to build capacity for service delivery in low-resource settings. An evaluation of the Pfizer Global Health Fellows program found that the program has had positive effects on recipient organizations, and has enhanced the personal and professional skills of participating employees. The authors discuss ways to leverage program outcomes for greater impact on employee motivation and professional development, corporate reputation, and accountability for company social performance.
Companies are increasingly being judged not only on "profits delivered, but in terms of principles lived" (Jackson & Nelson, 2004). Businesses and their leaders are being called upon to exercise virtue in fulfilling obligations to employees, communities, and the environment; in other words, to become responsible citizens of the world (Martin, 2002; Wilson & Lombardi, 2001). The need to restore public trust after the corporate accounting scandals of Enron and WorldCom is great. But restoring trust requires more than mere compliance with law (Zadek, 2004). Corporate social responsibility also requires a commitment to aligning corporate strategic goals with pressing societal issues.
The Millennium Development Goals have come to embody the principles of interdependence and vision of social responsibility in the international arena (United Nations General Assembly, 2000). The MDGs focus on reducing poverty, improving quality of life, and assuring environmental sustainability. The role of private commercial partners in assuring that countries make progress in achieving the Millennium Development Goals is vital (Nelson & Prescott, 2003). With regard to the HIV/AIDS pandemic, pharmaceutical companies in particular have experienced the ramping up of global expectations for corporate social responsibility (Leisinger, 2005).
Michael Porter and Mark Kramer have noted that social and economic goals of industry are "not inherently conflicting but integrally connected" (Porter & Kramer, 2002). Corporate expenditures can bring benefits to industry while promoting social goals. Strategic philanthropy is suggested as a way to combine social and economic benefits within the framework of specific business markets. For the global pharmaceutical industry this has meant building bridges of understanding, communication, and relationships with NGO service delivery and advocacy organizations, local governments, citizens, and other key stakeholders living, working, and influencing health care markets in developing countries.
Access to medicines
We are working to improve access to our medicines worldwide. Despite the fact that in some countries healthcare issues are incredibly complex, Pfizer realises it has a role to play, and we’re committed to working in partnership with other national and international public health agencies.
Animal welfare
We all look forward to a time when using animals in research is no longer necessary. But there is currently no alternative if we want to find cures for AIDS and other infectious diseases, heart disease, stroke and cancer. Techniques such as tissue studies and computer models have greatly reduced the number of animals required to determine the efficacy and safety of medicines.
Clinical trials
Patient safety is the number one priority in our clinical studies. Wherever they take place, our trials are conducted within strict international guidelines laid down by the Declaration of Helsinki. They are also conducted in accordance with local laws and regulations and other recognised standards.
Pros
Great job for a student in college
Very flexible and easy going management style
Allowed to work from home on fridays and during summer hours.
Cons
Under went corporate restructuring at my former location. Had to get moved twice throughout a 3 month period. Also communcation from from upper management could have been better
Working for Pfizer in the US, you will enjoy some of the best benefits in any industry.
We are committed to you, your health, security and your future. We have flexibility in our benefits to match your needs, whatever your personal circumstances. While we cannot outline all the personal benefits we offer, some of these are highlighted below.
For starters, our medical coverage offers a choice among traditional indemnity options that provide access to preferred provider organization (PPO) discounts, a PPO option with an in-network and out-of-network feature and coverage under a pharmacy card benefit. Alternatively, managed care options (if available, depending on the employee's residence) allow for flexibility of choice regarding the type of coverage that can best meet the needs of employees and their families.
Our medical and dental coverage under the Pfizer Pflex Plan extends to a qualified adult, which includes a spouse, same- or opposite-sex domestic partner or other qualified family member who meets eligibility requirements. Our plans also include one hundred percent reimbursement for most prescription drugs, irrespective of the manufacturer.
You can also access a choice of two levels of dental coverage, including preventive and orthodontia services and Vision care coverage for a range of services to meet employees vision care needs.
To provide additional support, we provide a health care account to help bridge the gap between health care expenses covered by insurance and eligible expenses that are paid out-of-pocket, by setting aside a certain amount of pretax dollars each year and a dependent care account to help cover eligible out-of-pocket expenses for child or elder care, by setting aside a certain amount of pretax dollars each year.
In your first year of service you can accrue up to 3 weeks of paid vacation, in addition to 13 paid holidays during the year. We provide short-term disability benefits for approved claims in the event of illness, injury, or pregnancy may provide continuation of pay and most benefits for up to 26 weeks. Recently, we introduced a parental leave policy providing a full 6 weeks of paid leave to either parent on the birth of a child.
When considering finances, the Pfizer savings plan has a company match at the rate of one dollar for each dollar on the first three percent of compensation an employee contributes, and 50 cents on the dollar on the next three percent of compensation an employee contributes. The plan offers a choice of 19 investment funds for employee's contributions. Employees can invest from one to 20 percent of pay on a before-tax basis, from one to 15 percent of pay on an after-tax basis, or a combination of both (subject to applicable Internal Revenue Code limits) up to a total of 20 percent of pay. The plan also offers the ability to take a loan, the ability to roll over eligible distributions from a former employer's plan and immediate vesting in both Pfizer's and employee's contributions.
You can also access a retirement plan providing vested employees with an additional source of income upon retirement. Benefits under the Plan can grow as earnings and years of service with Pfizer increase; life insurance for employees (and optional for eligible dependents) in the event of death; long-term disability insurance in the event of total and permanent disability preventing the ability to work and other optional insurance including:
Accidental death and dismemberment insurance for employees and eligible dependents in the event of death or dismemberment due to an accident;
Access to long-term care that may provide income in the event of a physical or mental disability preventing the performance of routine daily activities without assistance;
Access to personal property insurance at special group rates for homes, automobiles, boats, rental property, co-ops, condominiums or recreational vehicles.
For those wishing to continue their studies, we provide up to one hundred percent tuition reimbursement for eligible degrees or courses with no maximum benefit amount to enhance the potential for growth at Pfizer.
We hope that the benefits of a career with Pfizer are clear. Please visit our job postings to learn more about your opportunities with us.
Although this fact sheet contains information about Pfizer's current benefits, policies and other offerings for eligible employees, it is not intended to provide every detail. More details are included in the legal documents governing the various Pfizer plans and programs. In all cases, benefits and other offerings at Pfizer are subject to the terms and conditions as provided in these documents. In the event that there is a conflict between the information in this fact sheet and the official documents, the official documents shall control. The information summarized in this fact sheet is not intended to create any contractual rights or claims on the part of anyone. While Pfizer expects to continue the benefits, policies and offerings described in this fact sheet, it reserves the right to unilaterally amend, modify, or terminate one or more of them at any time for any reason.
Benefits Strategy
Our specialists will work in partnership with you to review and objectively:
Analyst your present plans
Assess the benefits needs of your employees
Provide local market information on statutory requirements and competitive benchmarks
Identify your risk exposures
Design the benefit solution suited to your needs while optimising the cost
Determine the appropriate insurance strategy and insurance providers for your plans
Arrive at meaningful benefit decisions
Benefit Design
A typical benefit design will not only focus on the traditional insurance plans for death, disability and health benefits but may include alternative funding mechanisms such as self-insured plans or alternative medical delivery systems such as Managed Healthcare.
Traditional Indemnity Plans
Group Life
Group Accident
Group Travel
Group Hospital and Surgical
Group Major Medical
Group Dread Disease (or critical illness)
Group Disability Income (short or long term)
Where fully or partially self-insured arrangements are part of the ultimate solution, Mercer offers a claims administration service to ensure the workability of that solution.
Managed Healthcare
Managed Healthcare is the "catch-phrase" of the 'new decade. Many healthcare options exist today that did not exist 10 years ago. These choices require thoughtful evaluation. Our specialists will help you evaluate and select the system that is appropriate for your company's needs.
Flexible Benefits
Flexible benefits is an emerging trend in employee benefits planning. Flexible benefit programs provide basic coverage for major areas of risk (for example, death, disability and medical expenses) and offer a choice of additional benefits to meet individual lifestyles and coverage needs.
Our specialists can help you assess whether flexible benefits is feasible for your organization by looking at your benefit needs and goals, and your financial and administrative constraints.
Multinational Pooling
A multinational pool links together the world-wide insured benefit plans of a multinational company. Its major advantages are:
Substantial cost savings
Improved financial information, leading to greater company control of benefit plans
Improved service and facilities
Our consultants provide company specific advice on:
The advantages of multinational pooling
The most efficient pooling arrangement
How to negotiate and set up multinational pools
Evaluation of international accounts
The possible use of alternative financing arrangements.
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