NEW YORK (AP) — An executive at Pfizer Inc. said Wednesday the drug developer will focus on expanding its portfolio of generic drugs in order boost sales and build its position in that market. The company has previously said it expects to expand its offerings for generic pharmaceuticals by adding products to the business. Dave Simmons, Pfizer’s president of established products, told analysts at Goldman Sachs Healthcare Conference in New York that part of the company’s strategy includes focusing on the off-patent marketplace. “I would like to step back maybe in time, if we go into 2007. And (CEO) Jeff Kindler had organized his executive team to analyze untapped opportunities in the broad health care environment, not specifically only patent-protected research and innovation, but more broadly speaking,” Simmons said, according to transcript of the event. He said the company recognized that the off-patent market “was very big, it was fast growing and the margins were actually better than anyone thought.” Pfizer is one of many companies facing patent protection on key drugs in the next several years. Its best-selling product, the cholesterol pill Lipitor, brought in over $12 billion in sales in 2008. That patent loses protection in November 2011 and the market opens up to generic competition. Shares of Pfizer fell 4 cents to $14.09 in after-hours trading, after closing unchanged in the regular session.
