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P&G Sees Big Opportunities In Recession

Procter & Gamble chairman and CEO A.G. Lafley is generally a "sunny and upbeat" kind of guy himself, as WWD's Molly Prior describes him. And what is he so sunny and upbeat about? Well, for one thing, the fact that because things are so bad in the world of media and advertising, P&G "can just walk in and tear up the contract."

Though I wouldn't classify Lafley as a meme agent for joy in Adland, there are, as always, lessons for other brand marketers here besides "carry the biggest stick." He told analysts in New York yesterday that "brands matter most when every dollar counts." (He would say that, wouldn't he?) He also said that P&G "continues to tweak its portfolio to further maximize its core capabilities and shift to higher margin businesses."

Included in that tweaking will be a halt in research and development investment for pharmaceutical products, David Holthaus reports in the Enquirer. It will focus instead on over-the-counter health products such as heartburn medication Prilosec and Vicks cough and cold products, Lafley says. P&G will also end research investments in Intrinsa, its female testosterone patch awaiting Food and Drug Administration approval, and in Asacol, a drug that treats ulcerative colitis.

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