Wyeth Announces That 1,200 More Jobs Will be Eliminated
I want to thank my esteemed colleague, Ed Silverman at Pharmalot, for the heads up on this post. As part of Wyeth’s asset realignment program dubbed “Project Impact”, the company announced today that it would cut another 1,200 jobs at “all facilities in all capacities.” Meanwhile, late last Friday 141 people at Wyeth’s Pearl River, NY, facility were laid off. Most of the jobs that were cut were in manufacturing and R&D. Of interest, last Friday was also Bob Essner’s last day as Wyeth’s CEO (he will continue as Chairman through December 31, 2008). For those of you who may be interested, Bob’s total compensation package in 2007 was about $20 million (his base salary was a paltry $1.73 million).
The most recent layoffs were made as part of the drug maker’s previously announced plan to cut up to 10 percent of its global workforce of 50,000 by 2011. Wyeth executives contend that Project Impact is warranted because of increased generic drug competition and a weak product pipeline. As you may recall, Wyeth previously laid off 1,240 sales reps late last month due to sagging sales of several of its consumer and pharmaceutical brands.
These new layoffs couldn’t come at a worst time for Wyeth employees. For those of you who still have jobs at the company, I highly recommend that you begin to explore alternative career opportunities. It is going to be a long and difficult ride!
Until next time…
Good Luck and Good Job Hunting (if there are any left) !!!!!!!
I am sure that most of you have heard by now that it takes about $1.0 billion to shepherd a new drug from discovery through commercialization. It is a nice round number but methinks that “something is rotten in pharma land”. The massive pharma layoffs in 2007 were justified because of nearing patent expiry, encroachment by generic manufacturers, over zealous FDA scrutiny and failing stock prices. To that end, how do you explain this little tidbit about Wyeth that my colleague Ed Silverman at Pharmalot reported on late last week? 
