Nicola Tangian, head of the Norwegian Sovereign Wealth Fund, interviews Albert Burla, Chairman and CEO of Pfizer, one of the world's largest pharmaceutical companies.

Burla has spent 33 years with Pfizer and has led the company as CEO since 2019 through a period of significant transformation and challenges.

The conversation covers Pfizer's strategic focus shift to innovative medicine, their COVID vaccine development, expansion into obesity treatment through acquisitions, and the emerging competitive threat from Chinese pharmaceutical companies.

Strategic Focus on Innovative Medicine Over Diversification

"I'm a believer that corporations' role is not to hedge. It is to be very good, a few things. Investors' role is to hedge" - Albert, explaining why Pfizer divested consumer healthcare

Pfizer chose to concentrate on science-based innovative medicine, believing it requires a different culture than consumer or generic drug companies

COVID Vaccine Success Through Unprecedented Collaboration

The 8-month COVID vaccine development was possible because "everybody felt that the culture of society, our civilization, is at risk. So everybody gave everything" - Albert

Success required exceptional alignment between government, Pfizer's people, and hospitals during what Albert called "not business as usual" circumstances

Obesity Market Entry Through Matzera Acquisition

Pfizer had to acquire Matzera after their own two major obesity assets showed liver toxicity signs and had to be discontinued despite being effective

"If things wouldn't go wrong for us scientifically... we would be the first to launch an oral product right now in the market" - Albert on the missed opportunity

Post-acquisition phase two data confirmed Matzera has a monthly obesity treatment, while competitors Lilly and Novo Nordisk offer weekly products

Chinese Pharmaceutical Threat and Competitive Response

China's 14th five-year plan aims to develop 35-36 global pharmaceutical players, with dramatic progress already visible in scientific output

"Out of 10, the top 10 was always 8 US... In 25, only one was US, Harvard. And eight were Chinese" - Albert on university scientific rankings

Chinese companies operate "with half the cost and three times the speed" compared to Western pharmaceutical companies like Pfizer, Lilly, and AstraZeneca

Pfizer's strategy involves transformation through AI technology, with approximately 5 years to achieve competitive parity before Chinese dominance in pharmaceuticals