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Kindler advises executive soul-searching
Pfizer CEO Jeff Kindler (photo) won praise in the U.K. yesterday for lecturing his fellow executives about public trust. "At last an executive that gets it," the Telegraph reported after Kindler's speech at the annual conference of CBI, Britain's biggest business lobby.
Just what did Kindler say? Essentially, that executives need to get to work on revamping capitalists' reputation--even if their companies didn't play a role in tarnishing that rep. Companies have to do something to combat public anger or government might do it for them, he said. "If we fail to change, things will not be pretty," Kindler said (as quoted by the Telegraph). "And if you think you're exempt, you're wrong."
People think that "questionable ethics are the norm" and that "doing the right thing is considered quaint," Kindler said. That's not the sort of thing that makes Brits or Americans happy. "The backlash is real," he added.
Kindler isn't the first pharma chief to talk about regaining the public trust. Merck CEO Dick Clark (photo) told his colleagues at this year's PhRMA annual meeting that the industry has taken some steps toward that end, namely disclosing payments to doctors. But he exhorted them to do more. Maybe he and Kindler should get together and brainstorm.
- see the story from the Telegraph
- the Telegraph's live blog
- read the PharmaGossip post
ALSO: Pfizer has been hit with more than $100 million in two punitive-damage awards in hormone-replacement liability cases it inherited with the buyout of Wyeth. Report
Related Stories:
Just the facts, pharma, say docs and patients
Merck chief: Pharma, regain America's trust!
Why do people love to hate pharma?
Tauzin: Pharma must embrace new code
Comments
Kindler can start by stopping the cycle of buying companies and laying off all the employees so they can grab the most successful commercial products and trash the acquired company's pipeline.
I have worked for Pfizer for eight years. Kindler does NOT speak for me or any of my co-workers.
I pray that he recognizes the error of his ways before it is too late for Pfizer. We have existed for 160 years.
His being CEO at this time, with Obama president is a perfect storm. The damage they can do to our country could change things forever.
From Atlas Shrugged...
Do not struggle for profit, success or security at the price of a lien on your right to exist.
Such lien is not to be paid off; the more you pay them, the more they demand;
The greater the values you seek or achieve, the more vulnerably helpless you become.
Theirs is the system of white blackmail devised to bleed you, not by means of your sin,
but by means of your love for existence.
"Galt's Speech," Atlas Shrugged Ayn Rand
Interesting to hear about 'public trust' when Pfizer has significantly downgraded its healthcare coverage for retirees next year and deleted vision and dental care. Yet this is supposed to be a healthcare company!
"Praise for lecturing his fellow executives about the public trust"? Come on, at Pfizer execs are paid to be 'yes men' and followers, not leaders. I worked for them for >20 years.
Mr. Kindler doesn't have much of a problem with crippling his retirees insurance programs for the sake of increasing his company's bottom line. And all the while he and the other top executives get bigger bonuses as a result.
Thank goodness he is getting paid top dollar to cripple both Pfizer and Wyeth. As a Wyeth employee, Pfizer has gutted this company. Alot of good people were or about to get layed off.
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