Pharmaceutical Industry Job losses mounting in wake of mergers and acquisitions and of course the economic down-turn….
Like the E-trade baby says “Don’t you just want to punch the economy in the face!”….
With the Pfizer buyout of Wyeth last week and the potential loss of approximately 8,000 jobs immediately but with as many as 20,000 jobs lost when the dust settles. Pfizer was in a bit of desperation as they try to find ways of making up for the potential loss of 13 billion dollars when Lipitor goes generic in 2011.
More job losses with the announcement coming from GSK adding to the 10,000 jobs already cut. GSK are announcing major net income drops for the fourth quarter with at least 1 – 1.5 billion as a result of legal issues stemming from illegal marketing and sales investigations dating from 1997. To add to their woes, four of their top selling drugs : Wellbutrin XL and Paxil CR, the anti-depressants, the Imitrex migraine pill and Lamictal, the epilepsy drug, all faced generic competition in the US last year.
Over at King Pharmaceuticals, announcement just today that approximately 760 jobs will be cut, 240 of the jobs being cut are a result of their acquisition of another drug company, Alphapharma.
Allergan is announcing about 460 jobs cut, this will mostly impact the US Urology sales force as well as marketing personnel in their US and European operations.
Sepracor, said late last week it was cutting 20% of its staff - or around 530 jobs - in a bid to save $210 million in operating expenses through to the end of 2009. Once again the salesforce bore the brunt, with 350 jobs going. The remaining 180 positions are corporate staff.
Abbot is set to cut another 200 sales jobs as a direct result of failure to get FDA approval for the slow release version of their painkiller Vicodin.
The trend through out the economy is disturbing, so we all need to hold on, the ride just keeps getting bumpier….