Pfizer has launched a 100 million dollar innovation center in Boston today (http://bit.ly/msVCqn). This is the third such center in the US, followed by ones in New York and San Francisco. The five-year plan to establish a new Center for Therapeutic Innovation, teaming three investigators from such institutions as Beth Israel Deaconess, Boston University, Harvard University, Tufts Medical Center, and Partners HealthCare to select the most promising projects.
While it’s great that Pfizer is making such a massive investment in the local R&D community, this comes from a company that has been slashing its R&D budget for years. Unless they are able to identify committed, innovative, and talented teams of people, this investment won’t reap the benefits that Pfizer sorely needs. What chances do you give to this Innovation Center for success?
Read the Pfizer press release.