Pfizer plans to cut U.S. sales staff as meetings shift to virtual space

The move comes at the time when the firm is planning to declare revenue of around $80 billion in 2021 due to the budding sales of the COVID-19 vaccine developed with Germany's BioNTech S.E.

Pfizer Inc, an American multinational pharmaceutical and biotechnology corporation, said that it would be laying off its U.S. sales employees as it expects doctors and healthcare workers to reduce the face-to-face interactions with the salespeople when the COVID-19 pandemic ends.

However, the firm did not disclose the number of sales jobs being cut.

As per a credible source, Pfizer will be eliminating a few hundred positions. However, the firm will also be creating new roles in different areas for half of those jobs.

The move comes ahead of the company’s declaration of raising around $80 billion in 2021 owing to the massive COVID-19 vaccine sales it developed along with Germany's BioNTech S.E.

As per Pfizer Chief Executive Albert Bourla, this would be the highest sales recorded ever by a pharmaceutical company.

It has been reported that the firm is evolving to be a more focused and advanced biopharma company and developing the way the firm engages with healthcare professionals in a budding digital world.

Moreover, it will be undertaking necessary changes for its workforce to ensure that they have the right resource and expertise to meet the rising needs.

Reportedly, the firm believes that the healthcare professionals and doctors will require around half of their communications with drug companies to be remote in the coming future.

Speculations have it that the revenue of Pfizer is estimated to touch a new high this year and is estimated to top $100 billion.

Approximately half of the company's 2022 sales are estimated to come from the COVID-19 vaccine and its new oral COVID-19 vaccine treatment, Paxlovid. The Paxlovid and COVID-19 vaccine will be sold directly to the government near-term.

Source Credit - https://money.usnews.com/investing/news/articles/2022-01-11/exclusive-pfizer-to-cut-u-s-sales-staff-as-meetings-move-to-virtual