One pharmaceutical firm in particular, Bristol-Myers Squibb, plans on cutting many of its employees in legal, finance, and compliance. In the next three years, in fact, Bristol-Myers plans on cutting its workers by 10 to 20 percent. The company is also planning on closing plants. Both worker and plant cuts are specifically aimed at cutting company costs.
"Our productivity efforts will involve redeploying resources, adjusting our cost structure, rationalizing facilities, and reducing our work force in certain areas," said Bristol-Myers spokesman Tony Plohoros.
Other companies that plan on cutting jobs include:
- Boston Scientific Corp.
- Medtronic, Inc.
- King Pharmaceuticals, Inc.
And "the world's largest drugmaker, Pfizer, Inc...and the No. 1 biotechnology company, Amgen, Inc...are both in the midst of major cost-reducing restructuring efforts that include significant cuts in head count as well," says Reuters.com.
According to a list on Pharmalot.com, the following are also companies with recent cutbacks:
- Pfizer — 10,000 jobs
- Bayer — 6,100 jobs
- Johnson & Johnson — 5,000 jobs
- Amgen — 2,600 jobs
- Novatris — 1,260 jobs