Novartis to cut 2,000 jobs in Switzerland, US

[OhioChick]

Source: Reuters

25 Oct, 2011, 07.25PM IST, Reuters

NEW DELHI: Swiss drugmaker Novartis plans to cut 2,000 jobs over the next 3-5 years in Switzerland and the US but it will add 700 new positions in "low cost and other countries", as part of a cost reduction plan.

In a statement, the company said it is aiming for an annual saving of about USD 200 million once the cost cutting plan, which is likely to be carried out in the next three to five years, is completed.

"In total, approximately 2,000 positions will be reduced in the group, subject to required employee consultation, mostly in Switzerland and the US offset by 700 new positions in low cost and other countries," it said.

It, however, did not specify the "low cost countries" where the new 700 jobs will be added.


Read more: http://economictimes.indiatimes.com/news/international-business/novartis-to-cut-2000-jobs-in-switzerland-us/articleshow/10489348.cms

[SoapBox]

1. Your drugs, made in countries where the workers get pennies per day!

OH yay!

So that BIG PHARMA can continue to make billions! Yippee!

(...disgusting...)

[McCamy Taylor]

2. Meaning that Medicare should get a huge discount...oh wait. The GOP made that illegal.