Pfizer said on Wednesday it has named company veteran and oncology head Chris Boshoff as its chief of research and development, as the drugmaker faces pressure from investors to produce profitable new drugs.

"Dr Boshoff is the ideal leader to propel Pfizer's R&D engine forward and transform it into a world-leading organisation with a more focused strategy, driving the delivery of additional impactful breakthrough medicines with blockbuster potential," said chief executive Albert Bourla.

Pfizer, despite pressure from investors to look outside, elevates its cancer chief Chris Boshoff to lead overall R&D.