American drugs giant Pfizer is refusing to spend hundreds of millions of pounds on research and development because...
American drugs giant Pfizer is refusing to spend hundreds of millions of pounds on research and development because of the government's failure to spend£1m on a road link, reported The Mail on Sunday (Financial Mail, p1). The refusal by the DETR to make the small investment has infuriated Pfizer, which has already invested nearly£1bn in its huge research and development centre at Sandwich, Kent.
Now further development at the centre, where the best-selling anti-impotence drug Viagra was developed, has been put on hold. Pfizer, which recently announced a merger with Warner-Lambert, is set to become the world's fastest-growing drugs company.
The failure to provide adequate transport links in Kent has forced Pfizer to spend£50m moving its administrative headquarters to Guildford, Surrey. Pfizer's David Wilson said: 'We have hundreds of millions of pounds of investment in hand, but we have to justify anything further to our board in America'.
Kent CC leader Sandy Bruce-Lockhart said: 'We are very disappointed. The government has to support the infrastructure if this area is to prosper'. The council plans to resubmit its road plans for the area in July.