AstraZeneca follows Pfizer in shedding thousands of jobs
In the latest sign of upheaval in the pharmaceutical industry, AstraZeneca said Thursday that it planned to cut about 3,000 jobs, or 4.6 percent of its global work force, to ensure profit growth as generic competition increases. The move follows plans by Pfizer, the world's biggest drug maker, to reduce its staff numbers by 10 percent and reflects tough times for manufacturers facing increased generic competition, weak pipelines and pressure on prices. AstraZeneca said the job cuts over three years would focus on its factories, helping it maintain financial performance in an increasingly competitive environment. At the same time, AstraZeneca reported that it had met forecasts for 2006 with a 28 percent jump in pretax profit, to $8.54 billion.
See "AstraZeneca follows Pfizer in shedding thousands of jobs", Reuters, International Herald Tribune, February 1, 2007