financetom
Business
financetom
/
Business
/
Novartis to cut 680 jobs in product development
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Novartis to cut 680 jobs in product development
Apr 9, 2024 8:00 AM

ZURICH (Reuters) - Novartis is to cut up to 680 jobs in its development organisation, which helps bring its drugs to market, the Swiss pharmaceuticals company said on Tuesday.

Around 440 jobs will go in Switzerland and up to 240 in the United States over the next two to three years, the Basel-based company said.

The job eliminations are separate from a restructuring programme which could lead up to 8,000 of Novartis's 78,000 global workforce being cut, it said.

Rival Swiss drugmaker Roche also announced earlier this year that it was cutting 345 jobs in product development.

Novartis currently employs around 12,500 in development which includes handling drug regulations, analytics, and support functions like quality assurance.

The staff are also involved in designing the production process for drugs after research work has been completed.

Around 3,000 of the roles are currently in Switzerland and 2,000 in the United States, meaning around 14% of the positions in those countries will be affected.

Meanwhile, the company said it would add roles over the next two to three years, meaning there will be a net reduction overall of 1-2% at a global level.

Novartis said the changes were designed to reshape its capabilities to access local talent such as data scientists and regulation specialists in Britain.

It said it still remained committed to development work in both Switzerland and the United States.

"We remain committed to development in Switzerland as our innovation hub for complex development, and providing strategic leadership as the global headquarters for development," a spokesperson said.

"The US remains a key development hub with strong representation in our global program teams, responsible for advancing our medicines pipeline."

(Reporting by John Revill; Editing by Emelia Sithole-Matarise)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Wells Fargo bond saleswoman sues over 'unapologetically sexist' workplace
Wells Fargo bond saleswoman sues over 'unapologetically sexist' workplace
Apr 19, 2024
April 19 (Reuters) - Wells Fargo ( WFC ) was accused of sex discrimination in a lawsuit by a bond saleswoman who said the fourth-largest U.S. bank denied pay and promotions available to men and tolerated an unapologetically sexist workplace. The complaint filed on Friday in federal court in Chicago by Michal Leavitt is the latest in a long line...
Market Chatter: Morgan Stanley Hires JPMorgan Investment Banker Andy Lipsky
Market Chatter: Morgan Stanley Hires JPMorgan Investment Banker Andy Lipsky
Apr 19, 2024
03:39 PM EDT, 04/19/2024 (MT Newswires) -- Morgan Stanley ( MS ) has hired Andy Lipsky, JPMorgan Chase ( JPM ) vice chair of investment banking, to serve in a similar capacity, Bloomberg reported Friday, citing people with knowledge of the matter. Lipsky will join Morgan Stanley ( MS ) in the coming months, the report said. Representatives for Morgan...
Market Chatter: National Bank CEO Slams Canada's Capital Gains Tax Increase
Market Chatter: National Bank CEO Slams Canada's Capital Gains Tax Increase
Apr 19, 2024
03:25 PM EDT, 04/19/2024 (MT Newswires) -- The chief executive officer of one of Canada's largest banks is speaking out against the Trudeau government's plan to raise taxes on capital gains, arguing it won't spur investment in the country, Bloomberg News is reporting Friday. It does not send the right signal for risk-taking, for investments, innovation or long-term wealth creation...
UnitedHealth CEO to testify before US House panel on cyberattack at tech unit
UnitedHealth CEO to testify before US House panel on cyberattack at tech unit
Apr 19, 2024
April 19 (Reuters) - UnitedHealth ( UNH ) CEO Andrew Witty will testify before a U.S. House subcommittee on May 1 about a recent cyberattack at the company's technology unit and its impact on patients and providers, the Energy and Commerce Committee said on Friday. The hack at Change Healthcare, a provider of healthcare billing and data systems, on Feb....
Copyright 2023-2026 - www.financetom.com All Rights Reserved