Pfizer shifts focus to cancer and biotech drugs

"Pfizer Inc. is shifting its research focus to diseases that have high potential for big profits and for treatment improvements, such as cancer and Alzheimer's disease. The world's biggest drugmaker also is ending new research on conditions from obesity to heart disease, but research on drugs already in late-stage human testing will continue, spokeswoman Liz Power said Tuesday. Experts said such tweaking of research strategy is standard in the pharmaceutical industry - and needed periodically as new competition and other factors affect revenue. Pfizer expects to spend up to $7.5 billion on research and development this year, a huge budget for the industry" - AP