Pfizer is currently in the process of creating and producing life-saving medicines and medical devices for people in need. As an industry leader, Pfizer employs a number of scientists and doctors that research and test potential new medications and medical self-testing technologies. These research teams incurred $1,040,000 in salaries and $2,264,300 in laboratory rent during 2021. Once there are feasible production plans in place and a customer base has been identified and vetted, the development team works on producing and testing prototypes. The cost of development activities for 2021 amounts to $7,550,000 and there are several projects with fair values amounting to $5,230,400 planned and scheduled for 2022. Part of the total 2021 development costs includes $995,000 for routine alternations to the manufacturing processes. As the year-end approaches, Pfizer must begin the closing process to produce their 2021 U.S. GAAP financial statements.
Pfizer is currently in the process of creating and producing life-saving medicines and medical devices for people in need. As an industry leader, Pfizer employs a number of scientists and doctors that research and test potential new medications and medical self-testing technologies. These research teams incurred $1,040,000 in salaries and $2,264,300 in laboratory rent during 2021. Once there are feasible production plans in place and a customer base has been identified and vetted, the development team works on producing and testing prototypes. The cost of development activities for 2021 amounts to $7,550,000 and there are several projects with fair values amounting to $5,230,400 planned and scheduled for 2022. Part of the total 2021 development costs includes $995,000 for routine alternations to the manufacturing processes. As the year-end approaches, Pfizer must begin the closing process to produce their 2021 U.S. GAAP financial statements.
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