LayoffBlog.com

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

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: