February 2, 2009

GlaxoSmithKline to cut 6,000 jobs

GSK (NYSE: GSK) is putting the finishing touches to plans which will see in the region of 6,000 global positions axed as it faces up to the growing challenges in the industry.

Competition from generic manufacturers and doubts about company pipelines are posing a serious threat to the sector and, in a bearish note last week, ING analysts warned of an “intellectual property meltdown” as top-selling products come off patent and sales slow dramatically.

Glaxo’s UK rival, AstraZeneca, said on Thursday that it will cut 15,000 staff by 2013, 6,000 more than initially thought, while industry leader Pfizer has acquired US rival Wyeth for $68bn (£47bn) as it seeks a different route of consolidation.

Source: the Daily Telegraph

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