Pharmaceutical Jobs Plummet

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For the past three years, the number of pharmaceutical jobs has plummeted, and according to RegentAtlantic Capital, the industry has suffered 70,000 layoffs in those years alone.

"Two different pharma [CEOs], who spoke with the firm but weren't identified, believe that 'an entire generation' of upper-middle and senior-level execs — as many as 50,000 individuals — will be displaced, thanks to further consolidation, emphasis on fewer business lines, and outsourcing. That doesn't include sales reps and researchers," says Pharmalot.com.

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.
  • AstraZeneca
  • King Pharmaceuticals, Inc.
  • GlaxoSmithKline
AstraZeneca planned a 7,600-job cut in July, while Boston Scientific announced 2,300 job cuts in October.

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

On the net:Bristol-Myers Squibb
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 researchers  AstraZeneca  Bristol-Myers Squibb  plans  industry






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