Pharma Job Cuts: The Domino Effect
While the domino theory was incorrect when it came to the spread of communism during the Cold War, there may be a kernel of truth to it when it is applied to today’s pharmaceutical industry. On Tuesday, Pfizer announced that it would lay off 800 researchers. Not to be outdone by Pfizer, Roche announced today that it plans to lay off about 780 workers over the next two to three years because of “worsening economic conditions.”
After spending the last decade or so associated with the pharmaceutical industry, one thing that I have learned is that there isn’t a single company that I can think of that wants to be the first to do anything. However, when a pharma company makes a bold move, the others are very quick to follow because they “don’t want to be perceived as not being “cutting edge” or keeping pace with their competitors. To that end, the domino theory may warrant some further investigation when it comes to day-to-day operations of big pharma.
Until next time,
Good Luck and Good Job Hunting!!!!!!!!
Unfortunately, when it comes to public companies, cuts can be in response to shareholder pressure rather than an objective need to cut costs. It's pretty sad to see big pharma moving so rapidly away from R&D.
Companies are ran like the gov't and people's own personal finances, horribly. I don't know any of us survive. We are promoting several companies that have openings if you are looking... www.eBiotechCareers.com.