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Three years after Hospira tried draining the swamp, the gators are now snapping at Ian Read’s heels.

Why do we write this? That’s because Hospira manufacturing problems are plaguing Pfizer (PFE) two years after paying $15 billion for the company. At the time, Hospira was still struggling to correct quality-control issues at various plants, which caused shortages and steady rebukes from regulators. But a year before the deal, a Hospira executive declared “we’ve got the swamp drained” of gators.

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