CHESTERFIELD, Mo. Pfizer is preparing for a $50 million expansion of its plant in Chesterfield that would almost double the facilities biologics plant, according to DrugResearcher.com.
The future is now for Pfizer as the company has been laying off its staff, cutting back production of drugs and facing fierce market competition. Pfizer is moving towards biologics with the aim of having 20 percent of its company invested in it by 2009.
The manufacturer has already spent $6.7 billion in acquisitions of biologics over the past three years and is hoping to produce one new product each year for the next ten years.
Biologics is becoming the fastest growing area in the pharmaceutical industry with a market already worth over $56 billion.