The Global Report

Leading pharma firm to cut 8,000 more jobs

Added under Health

More job cuts in big pharma. This time the news comes from AstraZeneca, which said today it's going to cut an additional 8,000 jobs over the next few years–a figure Reuters says is about 12% of the company's workforce. That's on top of thousands of cuts previously announced by the company.

Some of the cuts will come from R&D. Here's the company's explanation of the R&D shift:

These plans include a reduction in the number of disease area targets within our core therapeutic areas, a continued focus on externalization, some consolidation of our activities onto a smaller R&D site footprint … Based on preliminary estimates, approximately 3,500 positions may be affected by this program. After taking account of positions that will be retained whilst being relocated to another site, the investment in new skills and capabilities and further expansion of our Biologics activities, the net reduction may be around 1,800 positions

Sources: Wall Street Journal

Read the full story here.

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