Tis the Season: Astra Zeneca is the Latest Pharmaceutical Company to Announce Job Cuts
AstraZeneca announced today that it would be eliminate another 700 US job as part of its $1.1 billion cost saving plan that was implemented earlier this year. According to a Fierce Pharma report, the company will eliminate jobs throughout its US commercial operations and at its US headquarters in Wilmington, DE.
The latest job cuts come just days after London-based AstraZeneca mentioned that it would move some UK finance jobs to Malaysia, Costa Rica, Poland and other lower cost markets to consolidate back office work. Generic versions of the company’s top selling cholesterol lowering drug Crestor is what is driving financial concerns at the company. While there are other promising drugs in AZ’s pipeline and slated to appear on the market, their combined revenue will not be enough to fill the gap lost by Crestor and Nexium (which went generic last year).
Earlier this week Mylan, Endo and Perrigo announced job cuts. Isn’t it great to work in pharma around the holidays?
Until next time,
Good Luck and Good Job Hunting!!!!!!!!