Pfizer Inc. late Wednesday said it named Garry A. Nicholson to head the drug maker's new oncology business unit.
Nicholson's responsibilities will include clinical development, commercial development, sales and marketing.
According to Pfizer, the oncology market is expected to double in the next decade.
Prior to joining Pfizer, Nicholson served as global oncology platform leader at Eli Lilly and Co. He also was executive director of Lilly's U.S. oncology business unit for more than 10 years.
Nicholson's heading of Pfizer's new oncology unit comes at a time when the global market for cancer drugs is expected to grow twice as much as for other drug classes, according to a report released Thursday from IMS Health.
The health care research firm predicted cancer drug spending will grow between 12 and 15 percent annually through 2012 to $75 to 80 billion. Meanwhile, the overall drug market is expected to grow at 6.4 percent.
Fueling the growth, IMS said, is evidence of the growing availability to patients in emerging countries of targeted cancer treatments.
IMS predicts that 2008 sales of oncology drugs will break $48 billion. In addition, the company said between 25 and 30 new cancer drugs could be approved over the next few years.
Shares of Pfizer closed Wednesday at $20.06.
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