Forbes and Yahoo Finance, amongst others, ran an Associated Press article entitled “Drug Industry Sees Big Job Cuts” regarding how major drug companies plan to get rid of thousands of jobs as they face major hurdles in the future. The article states, “When the traditional safe bet among the big pharmaceutical companies, giant Johnson & Johnson, starts the biggest restructuring in its 121-year history, it’s clear things aren’t rosy for the industry.” J&J plans to cut up to 4,800 jobs. Pfizer, the world’s biggest drug company, is eliminating 10 percent of its work force. Merck is shedding 7,000 jobs, AstraZeneca is slashing 7,600 positions, Schering-Plough has furloughed about 1,100 manufacturing workers and Bristol-Myers Squibb will cut an unspecified number of jobs by year’s end. Big Pharma is under attack from many angles; from patents running out on big sellers, to civil lawsuits over dangerous drugs like Zyprexa on the market, to drugs being prescribed “off-label,” and analysts say such cost cutting is generally the only option to improve the bottom line quickly.
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