To accelerate the search for new and innovative technologies and products that will play a critical role in its long-term growth, Pfizer announced the promotion of Edmund P Harrigan, M.D. to senior vice president of Worldwide Licensing and Business Development.

The Group will have overall responsibility for co-promotion and licensing agreements, venture capital investments in new technologies and the acquisition of promising new products and services from outside the company a Pfizer release stated.

"While Pfizer's core scientific capabilities are outstanding, the explosion in medical science and related technologies around the world means that we now have many more opportunities for strategic investments," said David Shedlarz, vice chairman of Pfizer. "Worldwide Licensing and Business Development brings together previously separate functions so that all the capabilities and resources necessary to evaluate and secure these opportunities are in one place, with a clear strategy and accountability.

"Ed brings deep experience in medicine, clinical development and regulatory affairs to his new assignment, and I am confident we'll move quickly on the right opportunities while maintaining a disciplined investment approach."

Areas of focus for the Worldwide Licensing and Business Development Group include: Entering into co-promotion and licensing agreements; Investing in new technologies to add value to our core product offerings; and Acquiring new products and services from outside the company.

Dr. Harrigan has served as senior vice president of Worldwide Regulatory Affairs and Quality Assurance at Pfizer since 2003.

A board certified neurologist, Dr. Harrigan first joined Pfizer in 1992 and spent nine years in phase II and III Clinical Development trials related to the central nervous system. During this time, he obtained wide-ranging experience in the development of early- and late-stage candidates, at team and management levels. He led a team in achieving the approval of Pfizer's new generation antipsychotic medicine Geodon.