Mumbai: Pfizer Inc, the world''''s largest pharmaceutical manufacturer, is planning to cut costs by outsourcing as much as 30 per cent of its manufacturing to facilities in Asia, mainly India and China.

Pfizer, which currently outsources nearly 15 per cent of its manufacturing capabilities, plans to double that figure, the New York-based company disclosed at an investor presentation in Hong Kong.

"It makes sense to outsource to lower-cost areas, from New York or elsewhere in the US to Asia," said Martin Mackay, head of Pfizer''''s global research and development.

The move is Pfizer''''s another effort to slash cost and China is considered to be one of the most important target countries to fulfil the plan, according to Mackay.

Pfizer, which has major operations in New Jersey, expects to save $2 billion by cutting 10 per cent of its global work force, or about 10,000 jobs.

Alternatively, Pfizer would expand its research and development spending in China, India, Japan and South Korea. The company currently has 80 research studies under way in Asia, Mackay pointed out.

Pfizer spent $7.6 billion on research and development last year.

Asia was key to the company''''s growth as the region''''s pharmaceutical market is expected to grow to $200 billion by 2017, Mackay said.
 
Pfizer plans to close manufacturing sites in Brooklyn, New York and Omaha, Nebreska, and sell a third manufacturing site in Feucht, Germany.

The move is aimed at coping with the challenges Pfizer is facing, such as patent expiration of some drugs, rising competition from imitated drugs and risks from new drug R&D. T money saved will be used to develop new drugs Mackay said.