McKinnell will retire as the company's chairman in February, a year ahead of schedule.
"We were trying to discover blockbusters, and quite frankly, we failed a lot, " McKinnell said.
Moreover, McKinnell feels that the U.S. government can't afford to institute its own price controls.
But now, Chief Executive Henry 'Hank' McKinnell is taking steps to blunt the controversy.
Hassan left rather than play second fiddle to Pfizer's Chief Executive Hank McKinnell .
But now, Chief Executive Henry 'Hank'McKinnellHenry 'Hank' McKinnell is taking steps to blunt the controversy.
McKinnell admitted that drug companies worldwide haven't exactly done a lot with the money they've been spending.
"These clinical trial results are new, " said Pfizer Chief Executive Henry "Hank" McKinnell in a prepared statement.
McKinnell is defending Pfizer's program to give away its aids-related drug, Diflucan, to government clinics in South Africa.
McKinnell predicts more new medicines will reach the market in the next 10 years than in the previous decade.
Pfizer (nyse: PFE - news - people ) ousted Henry McKinnell after he failed to deliver good returns.
In a surprise move, Pfizer announced that its top lawyer, JeffreyKindlerJeffrey Kindler, would replace Henry "Hank"McKinnellHenry "Hank" McKinnell as chief executive officer.
But Pfizer chief executive Hank McKinnell said the protection of patents drove innovation, by ensuring companies would earn profits on important inventions.
"We could double our productivity, " says Pfizer Chief Executive Henry (Hank) McKinnell.
When Henry McKinnell became chief executive of Pfizer in 2001, the world's first inhaled insulin was among the potential blockbusters Pfizer was touting.
When it became clear in July 2006 that McKinnell's days were numbered, Kindler went to the board with plans to transform the company.
"By acquiring Vicuron, we can help bring two very important new medicines to patients around the world, " said McKinnell in a prepared statement.
Pfizer Chief Executive JeffreyKindlerJeffrey Kindler is making bold moves that seem to constitute a reversal of the strategies of his predecessor, HankMcKinnellHank McKinnell.
"There are a number of organisms where we're one antibiotic away from a worldwide disaster, " says Hank A. McKinnell, chief executive of Pfizer.
Pfizer has submitted Sutent, a cancer drug that Chief Executive Henry "Hank"McKinnellHenry "Hank" McKinnell has described as "revolutionary", to the U.S. Food and Drug Administration.
Pfizer ousted Henry McKinnell after he failed to deliver good returns.
And McKinnell, from his seat at the drug industry's biggest battleship, was quick to point to rival Merck as an example of a company in decline.
Pfizer Chief Executive Jeffrey Kindler is making bold moves that seem to constitute a reversal of the strategies of his predecessor, Hank McKinnell .
His comments were in response to a question from Ms McKinnell in which she asked whether his party would be voting against the local government settlement bill.
Pfizer Chief Executive HankMcKinnellHank McKinnell has built a drug company so enormous that it has incredible earnings flexibility even when it cannot promise that sales will rise.
Pfizer Chief Executive Hank McKinnell has built a drug company so enormous that it has incredible earnings flexibility even when it cannot promise that sales will rise.
"I have had a great 35 years at Pfizer, and now is also the right time for me personally to pursue other business and philanthropic interests, " McKinnell said.
Already, Ryan argues, investors might doubt the prospects of some pipeline drugs, but they're sure McKinnell and his team can make their cost cuts--and therefore make their numbers.
Kindler battled hard for the chance to fix McKinnell's mess.
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