In one of the worst moves by a large pharma company in recent memory, Pfizer Inc. (NYSE: PFE) is tying up with doctor social network Sermo. According to The Wall Street Journal, "Pfizer-affiliated doctors will be able to talk candidly with the site's 31,000 members, potentially giving the company insights into prescribing patterns and a way to show doctors data on its drugs."

The paper points out that there is some risk in the move because the FDA and other federal agencies watch drug company communications with doctors very carefully. But Pfizer has cut its sales force and the internet may be a way for the company to do some not so subtle marketing.

The part of the plan that is really flawed is that Sermo could become a platform for groups of doctors to mount powerful criticisms of Pfizer drugs or offer clinical evidence that pending or current drugs may represent unacceptable risks to patients. In other words, the social network could undo as many sales as it makes for the big drug company.

It is Pandora's Box that Pfizer will wish it has not opened.

Douglas A. McIntyre is a partner at 24/7 Wall St.

As Facebook and MySpace popularize social networks, we are seeing more specialized networks. For example, Sermo.com is a social network that caters to the complex needs of physicians.

And the site is getting lots of traction -- with about 30,000 physicians (growing at about 2,000 physicians per week).

This week, Sermo announced it has raised $26.7 million of venture capital. The lead investor is Legg Mason Capital Management (NYSE: LM).

Actually, Sermo is fairly young (the launch date was September of last year). But the company has spent a lot of time and resources building a great platform. For example, the registered users can share information on treatments, new drugs/devices, and so on.