PFIZER - AstraZeneca intercambio de...

So what does it mean that AstraZeneca poached Pfizer's research chief?

There are a couple of obvious quips. Martin Mackay, was put in charge of Pfizer's research-and-development arm back in 2007, had been sharing the job with Wyeth research chief Mikael Dolsten since Pfizer and Wyeth merged last year. Maybe he didn't like sharing. One could rudely note that Pfizer's stock is up 0.8% today, while AstraZeneca shares are down 0.8%.

But Mackay helped design the tag-team approach at Pfizer, drug company stocks don't tend to move on research appointments, and Mackay isn't giving interviews to explain the thinking behind his move. Maybe Mackay, who is Scottish, just liked the idea of living in London. What his decision to switch does clearly illustrate, though, is the way that giant drug companies, faced with disappointing research and development progress despite spending vast amounts of money, are hoping that organizational changes can reinvigorate their laboratories.

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