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STEERE PLEDGES PFIZER'S SUPPORT IN RESHAPING AMERICA'S HEALTH CARE

 NEW YORK, Feb. 26 /PRNewswire/ -- "We are committed to do all we can both to inform and improve current efforts to reshape America's health care system," Pfizer (NYSE: PFE) Chairman William C. Steere Jr. told security analysts today.
 "As citizens as well as members of the health care industry, we have no other choice than to seek to effect change in a positive way," Mr. Steere said.
 "Pharmaceuticals, the first line of medical treatment, account for just 7 percent of the nation's bill for health care," he pointed out. "They are not the problem, but they can contribute significantly to a solution to America's health care cost concerns. This requires, however, that government policy recognize the industry's contributions."
 Commenting on the drug industry's massive R&D investment, Mr. Steere said, "The results are plain for all to see. Of the 100 most prescribed drugs, 95 were discovered, developed and patented by private industry, three by universities and governments, and two by individuals.
 "And I might add that U.S. companies account for half of all new drugs introduced worldwide, more than three times the number from any other country," Mr. Steere said.
 Henry A. McKinnell, Ph.D., Pfizer executive vice president and chief financial officer, reviewed 1992 results. Sales growth of 4 percent, reflecting divestitures, masks a strong 21 percent growth of the pharmaceutical business for the year, he said.
 Since 1988, Pfizer has divested or closed 14 businesses with $1.4 billion in sales. This restructuring, coupled with strong growth in health care operations, has significantly improved margins.
 New pharmaceutical products, Norvasc, Zithromax, Diflucan, Procardia XL, Cardura, Reactine, Unasyn and Sulperazon, accounted for 58 percent of pharmaceutical sales last year.
 Dr. McKinnell said Pfizer is "well into the task" of preparing regulatory filings for tenidap, the first of a new class of cytokine- modulating arthritis drugs.
 "Tenidap filings are being prepared that will best suit evolving regulatory practices around the world. In most foreign markets we plan a sequential filing, with the first submission to cover rheumatoid arthritis, and a supplemental filing for osteoarthritis. Filings in Europe will begin in April. The U.S. NDA filing, which will be for both rheumatoid and osteoarthritis, will occur later than the European filings because we have been interacting with the FDA concerning new standards for statistical analyses and data presentations for new anti- arthritic agents. The process concluded with a January 1993 advisory committee meeting after which we began preparing the NDA, the largest in Pfizer history," Dr. McKinnell said.
 In his presentation, Mr. Steere noted that Pfizer this year expects to join the handful of companies that invest $1 billion in R&D annually.
 He reiterated that Pfizer's 1993 U.S. pharmaceutical price increase on a weighted average basis will be below 3 percent, with no individual drug price increasing by more than 4.5 percent.
 "At present," he said, "no one knows with certainty what direction the administration's health care proposal will take. But there are many reasonable and knowledgeable voices speaking on the issues."
 Pfizer Inc is a diversified, research-based health care company with global operations. The company reported sales of $7.23 billion for 1992.
 -0- 2/26/93
 /CONTACT: Tony Biesada, 212-573-2055, or Rick Honey, 212-573-2051, both of Pfizer/
 (PFE)


CO: Pfizer Inc ST: New York IN: MTC SU:

CK -- NY023 -- 0805 02/26/93 11:02 EST
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Date:Feb 26, 1993
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