Pfizer Inc.: Chesterfield, MO
Great Minds Unite
Pfizer Global Research & Development (?Pfizer?) discovers, develops, manufactures, and markets leading prescription medicines for humans and animals and many of the world?s best-known consumer brands. Pfizer?s Chesterfield location is one of six major drug-development sites. It also serves as the company?s global center for work on cutting-edge biologic, or injectible protein-based drugs.
With the removal of several drugs from the market and the Food and Drug Administration?s denial of Dynastat and Oporia for release on the market, Pfizer is working to cut $4 billion in annual costs by 2008. Despite this intense pressure, the company decided to invest nearly $200 million to expand its research and development facility in Chesterfield, Missouri. The expansion provided 330,000 sq. ft. for its current 1000 employees, plus provide room for additional employment growth.
The project united workers from Creve Coeur, Town and Country, and the Washington University Medical School with their colleagues in Chesterfield.
The relocation was facilitated by the offer of a Chapter 100 tax abatement by St. Louis County.
Absent the negotiation of key tax incentives, it is likely the company may have chosen a different location and potentially led to the loss of hundreds of high paying jobs. The pharmaceutical industry is a large producer of high-level jobs. Missouri?s average compensation for the biotech industry is reported at $69,000, compared to the state?s average of $34,000.
D2's Role:
In order to obtain approval of Chapter 100 tax benefits for the Client, Development Dynamics LLC prepared a Fiscal/Tax Impact Study in order to satisfy certain statutory requirements. The analysis, shared with affected tax jurisdictions, measured the value and impact of tax benefits by individual taxing jurisdiction.
< Back
