Pfizer offers voluntary retirement scheme for field staff

Drug firm Pfizer Ltd on Thursday offered a voluntary retirement scheme (VRS) for its field staff as part of expanding its digital capabilities and revamping talent strategy.

Over the past few years, the company has been on a journey to reshape itself into a more growth-oriented and innovative biopharma company, Pfizer said in a regulatory filing.

The Mumbai-based company, which has a portfolio of over 150 products across 15 therapeutic areas, noted that its products are more specialty-oriented and that requires it to adopt newer go-to-market models.

”Our established business will benefit from deeper market penetration across products and geographies. Digital disruptions have revolutionised how our customers and patients experience services and products. This has been further accelerated by the pandemic,” it noted.

It further said: ”As such, we are now transforming the way we engage with customers. We are doing this by investing in enhanced customer experiences to support our breakthrough science.” The company is expanding its digital capabilities and broadening healthcare professionals’ access to scientific and therapy-area expertise through new and enhanced platforms, tailored and enhanced content, on-demand support and real-time insights for a more personalised experience, it added.

Towards this, the company’s talent strategy is evolving into a three-pronged approach that spans across acquiring talent with futuristic skills and a growth mindset, and at the same time, upskilling the current talent, Pfizer noted.

”As a part of this ‘new look’ at our talent strategy, we have announced a Voluntary Retirement Scheme (VRS) to field colleagues this morning,” it stated.

The announcement does not apply to colleagues supporting the Upjohn business (a division of the company), Pfizer noted.

The eligibility criteria of the VRS offer have been determined in line with the company’s value of equity to ensure a fair and transparent experience for all colleagues, it said without divulging the closing date of the scheme.

”We will support all eligible colleagues through this process with dedicated helpdesks and career transition services,” the company stated.

The financial impact of the VRS shall be communicated separately upon acceptance of the scheme by the eligible employees, Pfizer said.

”As we embark upon the next phase of our growth journey in India powered by our strong portfolio, enhanced customer experiences, new platforms and offerings, and a specialized workforce, we recognise the tremendous commitment and achievements of all our colleagues,” it noted.

As per its website, the drug firm employs 2,631 individuals in the country.