Drugmaker AstraZeneca Poised To Cut 3,000 More Jobs, Report Says

AstraZeneca cutting jobsIt's been a tough few years for the pharmaceutical industry and for the workers employed within it. A dearth of new drugs and other business challenges have led many companies to make dramatic cutbacks in spending that have resulted in thousands of layoffs.

And the bloodletting isn't over yet. Analysts estimate that global drug maker AstraZeneca is expected to announce another 3,000 layoffs, when the company releases its annual earnings statement Thursday, The Sunday Times of London reports. The job cuts would be part of the company's ongoing cost-reduction program begun in 2010.

The company declined to comment for the report, the Times said.

London-based AstraZeneca employs about 61,000 people worldwide, including nearly 15,000 employees in the U.S. Two years ago, chief executive David Brennan said more than 10,000 jobs would be lost by 2014, the newspaper report noted.

AstraZeneca's cutbacks are being driven by the expiration of patents on some of its key drugs, including Crestor, a pill that treats high cholesterol, acid-reflux disease treatment Nexium and Seroquel, an antipsychotic medicine, industry-tracking news site Pharmalot reports.

Last month, AstraZeneca disclosed plans to eliminate 400 jobs in its commercial business and U.S. headquarters in Newark, Del., and 1,150 jobs from its U.S. sales force, according to Pharmalot.

Those cuts were described by a company official last month as part of the more than 10,000 planned layoffs announced two years ago.

News of the potential AstraZeneca layoffs follows news earlier this month that Swiss durgmaker Novartis AG plans to cut nearly 2,000 jobs in the U.S. this year, including more than 1,600 field-sales positions and 330 jobs at its headquarters in East Hanover, N.J.




Next: Novartis To Cut Nearly 2,000 Jobs U.S. Jobs This Year



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David Schepp

Staff Writer

David Schepp has spent more than a dozen years covering business news for the electronic and print media, including Dow Jones Newswires, BBC News, Gannett Co., and most recently at AOL's DailyFinance. Nearly 10 years ago, he started writing a weekly People@Work column, looking in depth at issues facing workers in today's workplace. The syndicated column appeared in newspapers and websites nationwide before it made its debut on DailyFinance in 2010. Schepp now continues that tradition at Aol Jobs, covering the jobs beat and providing readers insight and analysis into the nation's challenging employment scene.

Schepp holds a Bachelor of Arts degree in journalism from Metropolitan State College of Denver.

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benjb00

The pharmaceutical companies need to reduce to pave way for more holistic, homepathic treatments instead of ingesting lab chemicals that always has harmful and sometimes fatal side effects.

January 31 2012 at 6:21 AM Report abuse rate up rate down Reply
Todd

If they outsource the jobs we should ban their products....

January 31 2012 at 2:14 AM Report abuse rate up rate down Reply
rbkmsk

let's lay the messiah
bHo off !

January 31 2012 at 2:04 AM Report abuse rate up rate down Reply
patr728

Interesting........laying off thousands.....drug shortage at serious level in hospitals,etc. Go figure. Looks like the drug companies are deliberately creating a critical shortage of medications! Fewer pills - pay more to get what's available!

hmmmmmmmmmmm Bend over folks, get ready for a reaming!

January 31 2012 at 12:48 AM Report abuse rate up rate down Reply
tomsterx

*WHEW!!* At first I thought it said "...driven by the expiration of PATIENTS" ..Not patents! That sacred me, I take Nexium! LOL

January 30 2012 at 10:45 PM Report abuse rate up rate down Reply
some1inpa

Whew, glad this is an overseas company. The loss of employees will be considered foreign employees and not counted towards our unemployment figures.

January 30 2012 at 10:33 PM Report abuse rate up rate down Reply
1 reply to some1inpa's comment
patr728

15,000 people in the U.S. are employed by AstraZebeca! I would think that with wagws, etc. paid in the US that their firing would /should be counted.

January 31 2012 at 12:44 AM Report abuse rate up rate down Reply
markndeb48

This must be a l;ie as Obama says the economy is impoved ...ohh I forget Obama hasnt told the truth yet about anything

January 30 2012 at 10:22 PM Report abuse -4 rate up rate down Reply
benefenelli

every comment here is honestly ignorant. how can people be so uninformed?

January 30 2012 at 9:31 PM Report abuse -1 rate up rate down Reply
benefenelli

every comment here is honestly ignorant. how can people be so uninformed?

January 30 2012 at 9:31 PM Report abuse -1 rate up rate down Reply
2 replies to benefenelli's comment
seattlewkr

What's your brilliant comment? That certainly isn't very smart.

January 30 2012 at 10:22 PM Report abuse +2 rate up rate down Reply
jlv327

Ummm-that was my comment !

January 30 2012 at 10:58 PM Report abuse +1 rate up rate down Reply
dew1500

Let's think for a moment. What happens when the patens run out? Will the drug no longer be made? Don't they make money making the pills or are they living on the Patten? These drugs can't cost what they sell for. So where is all the money going? Some one is still getting rich.

January 30 2012 at 9:12 PM Report abuse +3 rate up rate down Reply
2 replies to dew1500's comment
mc

When the patents run out, other companies are permitted to manufacture the same as 'generic.' As far as the drugs costing what they sell for--no they don't cost that much from lab to shelf...but research and development to find miracle drugs does cost. We pay for it all.

January 30 2012 at 9:31 PM Report abuse rate up rate down Reply
jorwmu

Drugs still under patent can cost 10 times more than the same drug/generic drug. They can charge so much more because of all the research time and money it took to invent the drug. I say 10 times because the drug I take is like that but I bet some drugs are even more expensive vs generic. It only takes pennies to make the drug, you pay for research and development is what I'm trying to say

January 31 2012 at 12:59 AM Report abuse rate up rate down Reply

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