Novartis healthcare portfolio generates strong growth in first quarter of 2010, progress on delivering innovation, growth and productivityIf you continue to read the press release, towards the bottom you'll see that they plan to reduce 383 jobs in headquarter-based functions:
The pharmaceutical industry is going through some radical changes these days. As more pharmaceutical companies consider mergers and acquisitions, we'll certainly see more changes in the pharma job market.In anticipation of changes to the product portfolio in the US, which includes expected approvals for a number of new specialty medicines but also the loss of market exclusivity for Diovan and other medicines in the next few years, Novartis has further streamlined its US business in Pharmaceuticals to maximize the potential of the changing portfolio in both primary care and specialty markets. This initiative, announced in April 2010, will create three national specialty businesses focused on multiple sclerosis, respiratory diseases and neuroscience to complement the existing Oncology business unit. In addition, a fourth business for primary care medicines, including the cardiovascular portfolio, will be consolidated into four regional units (reduction from the current five units). Approximately 383 full-time equivalent positions, primarily in headquarter-based functions, are to be reduced in a socially responsible manner, with 35% expected to be achieved by not filling vacant positions. A one-time charge of USD 24 million is planned to be taken in the second quarter of 2010, with annual cost savings of USD 56 million anticipated from 2011.