Pharmaceutical Job Cuts
I was a pharmaceutical representative for over 15 years. I have a lot of people contact me, asking for tips about how to get into that industry. If you are considering pharmaceutical sales, this may not be the best time. Many of the big companies have been cutting back their sales forces. The company I worked for used to co-market a drug with Abbott Pharmaceuticals. Pharmatimes.com reported today,“Abbott Laboratories is planning to cut around 3% of its workforce over the next two years, with the vast majority affecting Solvay Pharmaceuticals, acquired for 5.2 billion euros by the US major in February.” Abbott isn’t the only pharmaceutical company hitting hard times.
A friend of mine who worked for Glaxo recently was offered an early retirement package to help reduce some of their sales force.
According to Fiercepharma.com, “The cuts come as some of the industry’s biggest players–Pfizer, Wyeth, Merck, Schering-Plough, and Roche–integrate the major buyouts they made in 2009. In order to squeeze out the most efficiency from a mega-merger, these companies must cut headcount to reduce overall costs. It’s an ongoing process that will continue to impact the industry’s job cuts levels.”
Pharma Layoffs by Month, 2010
Month Layoffs January 8,170 February 25,875 March 308 April 1,049 May 6,943 June 830 July 2,023 August 255 TOTAL 37,265