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Merck Plans 13,000 Layoffs
Sturmgewehr
Member Posts: 4,420
Merck said it plans to hire in growing markets such as China.
Merck & Co. will cut as many as 13,000 jobs by the end of 2015, the company said in its second quarter earnings statement, as cost pressures brought on by generic competition spurs it to reallocate resources to emerging markets.
Sales staffs may be spared. "The reductions will come disproportionately form non-revenue-generating positions," said Merck spokesperson David Caouette. Administrative and headquarters positions will be cut, the company said. Other layoffs will result from the consolidation of offices and closure of manufacturing plans.
As many as 40% of the cuts will take place in the U.S. They are in addition to 17,000 previously announced layoffs stemming from the merger with Schering-Plough in 2009. Merck said it plans to hire in growing markets such as China. The company employed 91,000 as of June 30.
Generic competition will continue to cut into profits, the company said. Its patent on the top-selling asthma medication, Singulair, is set to expire next year. Singular accounted for 13% of Merck's $10.6 billion in drug sales during the second quarter.
http://sales-jobs.fins.com/Articles/SBB0001424053111904888304576476052261559900/Merck-Plans-13-000-Layoffs
Merck & Co. will cut as many as 13,000 jobs by the end of 2015, the company said in its second quarter earnings statement, as cost pressures brought on by generic competition spurs it to reallocate resources to emerging markets.
Sales staffs may be spared. "The reductions will come disproportionately form non-revenue-generating positions," said Merck spokesperson David Caouette. Administrative and headquarters positions will be cut, the company said. Other layoffs will result from the consolidation of offices and closure of manufacturing plans.
As many as 40% of the cuts will take place in the U.S. They are in addition to 17,000 previously announced layoffs stemming from the merger with Schering-Plough in 2009. Merck said it plans to hire in growing markets such as China. The company employed 91,000 as of June 30.
Generic competition will continue to cut into profits, the company said. Its patent on the top-selling asthma medication, Singulair, is set to expire next year. Singular accounted for 13% of Merck's $10.6 billion in drug sales during the second quarter.
http://sales-jobs.fins.com/Articles/SBB0001424053111904888304576476052261559900/Merck-Plans-13-000-Layoffs
Comments
Let's face it, Americans are OVER DRUGGED! Between the laziness of the average idiot, and pressure from big pharma to push drugs, Docs have pretty much stopped trying to force lifestyle changes on people. "Why should I exercise and eat better when taking pills to fix the problem is easier" is the mantra of the new american
Just look at the irresponsible over prescription of zombiefying ADHD drugs to children [xx(]
Pharma made contributions to many in Congress in order to get the 2004 bill passed, prohibiting the US Govt from negotiating lower drug prices for seniors on Medicare. So, unlike the VA which has negotiated a 20-25% discount for its patients, Medicare Part D subscribers must pay Full List Price (unless they are on Medicaid, in which case we pay Full List Price.)
The drug companies have a World Price for drugs, & a US Price; the US Price is 20-25% higher, Pharma says, because no other country will pay the US Price.
The drug companies continue to spend more on advertising than they do on research.
Theoretically, the US Govt could develop & manufacture drugs at a fraction of the current price. But, it isn't going to happen, because most of us would complain if we paid competitive wages to government experts; who is going to work for a company whose wages are already frozen for the next 5 years?
Neal
I like Owen's way of thinking: One area where I would like to expand the US Govt is an Office of Reciprocal Tariffs. A group of economists could follow regs on imports & exports throughout the world, & we could use regulations to level the playing field.
On the other hand, I don't know that the US Govt can do anything right. If we established a new federal office, we would have to staff it with women, blacks, Hispanics, Asians, Pan-Pacific Americans, veterans, wives of veterans, & the disabled.
Neal
"I have given you a government that looks like you." ---- Al Gore