Pfizer Inc. (NYSE: PFE), the world's largest drugmaker, will fire 800 scientists this year in an effort to cut costs and focus research on 'promising' areas.

Pfizer company spokeswoman Kristen Neese said on Tuesday that the company aims to eliminate global research positions by 5% to 8% out of a total 10,000.

"We're being really methodical about how we're staffing our people so that we can assure we have the right scientific expertise for the future to make sure we can achieve all our goals," another company spokesman Ray Kerins said in a statement. Kerins added that Pfizer aims to be "top tier" in the biotech industry, and the company will "pursue the best science externally through partnerships, licensing and M&A." He said that the latest job cuts are part of Pfizer's "overhaul plan."

The latest move is being seen as an effort to limit research activity to fewer disease areas like Alzheimer's, oncology, schizophrenia, pain, inflammation and diabetes, which are more profitable, and discontinue new research in other diseases.

Ms. Neese confirmed “This is in line with our refocused research areas.” 

The company is also backing out from research activity in cardiovascular disease. The exclusivity patent on Lipitor, the world's top selling cholesterol fighting drug is all set to expire in 2011. The company has not made much headway in coming up with a possible successor.

"There are many challenges that we, along with other pharmaceutical companies, face, including the loss of exclusivity on a number of medicines," spokesperson Rick Chambers said. "That’s why we are focusing on significant unmet needs that we can provide the right resources for to find treatments and cures."

In a speech at J.P. Morgan healthcare conference, Martin Mackay, Pfizer's head of global research, said that one of his priorities has been to ensure the company is carrying out research in the most promising areas.” We’ve had extensive reviews of our portfolio, both internal and with external experts, to make sure we had the best portfolio that we could," he said.

Earlier this month, the company had said that it is open to acquisition opportunities.

The New York based Pfizer employs 83,000 people worldwide.

The company is due to release its fourth-quarter earnings results on Jan. 28.

Shares of Pfizer rose 16 cents or 0.92% to $17.52 in afternoon trade on Tuesday.

Disclosure: Author does not own any of the stocks discussed here.