PharmExec Blog

AZ, Sepracor, and Abbott Cinch Belts With Layoffs

It’s been a tough few days for pharmaceutical employees. Just days after Pfizer announced that it would eliminate 10 percent of its workforce, three other companies are revealing restructuring plans that include releasing hundreds (and in one case thousands) of employees.

In its fourth quarter report released today, AstraZeneca stated that it will continue its “new business reshaping activities” by laying off 7,400 employees. Add that to the 7,600 job cuts from 2007, and AZ is looking at a total workforce drop of 15,000 employees by 2013. The plan is expected to net the company $2.5 billion a year

Meanwhile, Sepracor unveiled plans to slash 940 positions – representing about 20 percent of the company’s staff. This move comes in reaction to pending generic competition for its sleep aid Lunesta. More than 500 internal employees will be effected while the rest of the savings will come from contract sales rep cuts.

Finally, according to Bloomberg, Abbott laid off 200 sales reps in reaction to FDA’s non-approval for an extended-release version of Vicodin.

This entry was posted in People, Strategy and tagged , , , , . Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

One Comment

  1. Posted January 31, 2009 at 7:18 pm | Permalink

    Hi!!!

    FOOD FOR THOUGHT!!

    Wouldn’t it be fair to say that when the US DEPT of Labor came out and said that by the year 2010 = next year…the LARGEST employer would by SELF…

    We ALL should Plan accordingly…

    Your future is in YOUR hands not your employers…unless YOU give them YOUR power…

Post a Comment

Your email is never published nor shared. Required fields are marked *

*
*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

  • Categories

  • Meta