Pfizer Invests $43 Billion to Battle Cancer
"“Pfizer is deploying its financial resources to advance the battle against cancer, a leading cause of death worldwide with a significant impact on public health,” said Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer. “Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen’s antibody-drug conjugate (ADC) technology with the scale and strength of Pfizer’s capabilities and expertise. Oncology continues to be the largest growth driver in global medicine, and this acquisition will enhance Pfizer’s position in this important space and contribute meaningfully to the achievement of Pfizer’s near- and long-term financial goals.”"
I think this is very clear:
"Oncology continues to be the largest growth driver in global medicine, and this acquisition will enhance Pfizer’s position in this important space and contribute meaningfully to the achievement of Pfizer’s near- and long-term financial goals."
In other words, they will not invest to cure cancer, but to increase revenue and profits by focussing on a growing market.
From a business point of view, increasing revenue and profits of a major player in the medical field is opposite to finding a true solution, since a solution kills reccuring revenue. It is as simple as that.
I actually see this as not so good news, since major players tend to change the playfield in their favor via various mechanisms including lobby, buy intellectual property and small promising companies and freeze, etc. They are doing this naturally, not because of bad intentions, but because they are conventional businesses with top priority on profitable growth.