February 22, 2007--Pfizer chairman and CEO, Jeffrey B. Kindler, has been elected to the Biotechnology Industry Organization (BIO) Board of Directors. BIO represents more than 1,000 companies and other organizations around the world involved in biotechnology. While a number of prominent pharmaceutical industry presidents and research heads have served on BIO's board, Kindler may be the first Big Pharma CEO to do so. BIO could not confirm this, but a search through the listings of board members for the past few years identified no other CEOs from among the top-tier pharmaceutical companies.

The divide between the pharmaceutical and biotechnology industries has narrowed significantly over the last few years.  More and more traditional pharmaceutical companies are starting to make biotech products—typically larger "biologics."  In the past, pharmaceutical companies have focused mainly on "small molecules."  Monoclonal antibodies, in particular, are now top-selling biotechnology drugs that vaulted companies like Genentech and Amgen into the ranks of major players.  The success of monoclonal antibodies has prompted Big Pharma companies to move aggressively into this field.

Overall, the biotechnology industry is soaring at a time when pharmaceutical companies are facing increased pressure on pricing, drug safety, and productivity.   G. Steven Burrill, CEO of Burrill & Company, recently predicted the biotechnology industry's market cap will reach an all-time high of $575 billion in 2007—a 15% year-over-year increase.  (For more on Burrill's forecast see:  http://www.pharmadd.com/archives/Jan_2007/NF%20Burrill.asp)

Formerly Pfizer's vice chairman and general counsel, Kindler was named CEO in July 2006, when he succeeded Hank McKinnell. Prior to joining Pfizer, Kindler was chairman and chief executive officer of Boston Market Corporation and president of Partner Brands, both owned by McDonald's. 

Pfizer has been in the hot seat since one of its brightest prospects—torcetrapib—imploded, despite the company spending at least $800 million on it.  Shortly after announcing it would discontinue development of torcetrapib, Pfizer laid off 10,000 employees.

On the BIO Board, Kindler will replace Fred Telling, Pfizer's vice president of corporate policy and strategic management, who has served on the Board for 11 years and is retiring from Pfizer this year. The switch will take place in May 2007.