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Last month, 240,000 American workers lost their jobs. Many of these jobs were lost as a result of corporate lay offs and restructuring—things that are likely to continue as we attempt to navigate a course through these financially troubling times. Unlike being fired, lay offs and job losses that result from restructuring have little to do with individual job performances and everything to do with budget constraints and reductions. That said how should a person who is laid off from a job deal with it on a resume when looking for a new job? I found a well crafted article that provides some ideas and solutions to deal with this often vexing problem.

Read and learn!

Until next time…

Good Luck and Good Job Hunting!!!!!!!!!!

 

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The Pharmalot blog reported yesterday that GlaxoSmithKline (GSK) will tell its US pharma employees today about a new reorganization plan that will include more job cuts. The restructuring will primarily affect sales reps and some R&D personnel. GSK, like most other pharma companies, has been steadily downsizing operations and headcount for the past year or so at its US locations in Research Triangle Park, NC and Philadelphia PA

Look for the layoffs to occur before Thanksgiving—just about the time when employee’s annual bonuses are calculated.

Until next time…

Good Luck and Good Job Hunting!!!!!!!!

P.S.  It was learned today by the Phamalot Blog that 1,880 sales reps and sales support staff job will be eliminated over the next few months. Also, the company may consolidate its Philadelphia and Research Triangle Park headquarters.

 

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According to the WSJ Health Blog “Wyeth is overhauling its early-stage research by slashing in half the number of therapeutic areas and diseases for which it will pursue new medicines. The idea is to concentrate on more innovative products and get them to market faster.” Whenever large companies restructure or announce reorganization plans, job cuts are soon to follow. So, if you are a Wyeth employee I recommend updating that resume as soon as possible!

People close to the R&D restructuring (part of a larger plan, dubbed Project Impact) said the overall number of scientific jobs won’t change under the plan but some scientists will be cut because their skills aren’t transferable to other areas. Wyeth will eliminate discovery work in women’ health, reduce its therapeutic areas from 14 to 6 and continue to focus vaccines and biologics, where it has had great success with its pediatric pneumococcal vaccine, Prevnar, and the anti-inflammatory biologic Enbrel.

Wyeth joins several pharmaceutical companies, including Bristol-Myers Squibb and Pfizer, which have already decided to narrow the focus of their development efforts and focus more on biotechnology products. Don’t be surprise if other pharmaceutical companies announce similar restructuring plans. I predict that within 10 years or so, pharma companies will no conduct basic discovery research and abandon their internal pipelines. Instead, they will become drug “clearing houses” that specialize in developing products that were either purchased or in-licensed from smaller biotechnology and specialty pharmaceutical companies.

Until next time…

Good Luck and Good Job Hunting!!!!!!!

 

 

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 Merck announced today that as part of its ongoing restructuring plan to cut costs it will eliminate approximately 7,200 positions — 6,800 active employees and 400 vacancies — across all areas of the Company worldwide by the end of 2011.  This amounts to a 12 percent reduction in the company’s workforce. About 40 percent of the total reductions will occur in the United States.  To streamline management layers across the Company, Merck will reduce its total number of senior and mid-level executives by approximately 25 percent.  These positions are in addition to the 10,400 positions.  As of Sept. 30, Merck has approximately 56,700 employees. In addition to the layoffs, Merck will close three research facilities; one in Tsukuba, Japan; another in Pomezia, Italy and one in Seattle Washington by the end of 2009.

Merck expects the 2008 cutbacks to save the company $3.8 billion to $4.2 billion over the next five years. BioJobBlog reported several weeks ago that Merck had been quietly laying off employees since September. I suspect that today’s announcement comes as no surprise to employees who still work at the Company.

New Jersey once dubbed “America’s medicine chest” is starting to look less full!

Until next time…

Good Luck and Good Job Hunting

 

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Pfizer announced earlier today that it was going to cut R&D jobs and abandon its research efforts in the areas of cardiovascular diseases, cholesterol management, osteoporosis, anemia and liver and muscle diseases. The company plans to refocus it drug development in five therapeutic areas including Alzheimer’s; diabetes; immune disorders and inflammation; cancer; pain; and mental illness, including schizophrenia. Also, the company will continue its work on anti-thrombotic agents to prevent blood clots.

The job cuts and refocusing are part of a previously announced plan to cut about $2 billion dollars from Pfizer’s operating budget. Over the past 15 years, Pfizer has gone on an unprecedented buying spree in an attempt to acquire blockbuster drugs and bolster its flagging internal drug development pipeline. Unfortunately, the gamble has not paid off and Pfizer must now attempt to reinvent itself to restore shareholder value and instill investor confidence. 

Unlike many of its competitors, Pfizer failed to invest in and capitalize on early opportunities in the biotechnology industry. The company has been trying to play catch up ever since. To that end, over the past year or so, Pfizer invested in or purchased several small biopharmaceutical companies to demonstrate its commitment to biotechnology.  It may be “too little too late!” Unfortunately, because of a lack of vision and foresight by company executives, many Pfizer employees will have to pay the ultimate price of losing their jobs as the US falls deeper into recession.

Hat tip to Pharmalot and the WSJ Health Blog.

Until next time…

Good Luck and Good Job Hunting!!!!!!!!!

 

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As you all know by now, Roche, last month, rocked the biotechnology world by tendering an offer to purchase the remaining shares of Genentech that it doesn’t already own.  The first offer made by Roche was summarily rejected by Genentech because its board felt that the offer undervalued the company.  I have no doubt that Roche and Genentech will eventually agree on a purchase price. That said, when companies are purchased, employees of the purchased company are typically laid-off or re-organized out of jobs. In marked contrast, Genentech announced (as expected) that it would offer virtually all of its 10,700 employees retention bonuses to remain with the company if it is purchased by Roche. These bonuses could cost Genentech as much as $371 million.  It was reported that the retention bonuses will be paid whether or not the merger goes through, and are in lieu of 2008 stock option grants.

Even with the bonuses, keeping employees could be a challenge for Genentech. Many Genentech employees (especially those who have been with the company for many years) are expected to become much wealthier if Roche pays a high price for their stock, particularly if unvested stock options vest immediately. That might mean some employees would no longer have to work for a living or might start their own companies to compete with Genentech. Many small biotech startups in the Bay area were started by Genentech alums.

Regardless of the outcome, Genentech’s retention bonus offer is another example of why Genentech was able to seperate itself from the rest of the biotech pack.  It is evident that CEO Arthur Levinson (one of the company's founders) understands something that many CEOs don’t—that employees are a company’s greatest asset.

Roche’s eventual acquisition of Genentech will signal the end of an era for one of the biotechnology industry’s most successful pioneers. It will truly be a sad day in the biotech world when the deal is finally consummated.

Until next time…

Good Luck and Good Job Hunting (try Genentech next Fall—there will be a mass exodus)

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Johnson & Johnson announced a “series of organizational changes, including the creation of a new strategy and growth organization to sharpen its focus on opportunities outside its traditional areas of interest and in the growing intersections of health care and the creation of two new business operating groups.”

Scott Hensley over at the WSJ Health Blog wrote “It’s no secret that the diversified health-products giant faces some gargantuan challenges. Sales of anemia drugs, for years the company’s biggest franchise, have been under intense pressure. Stents, another J&J hallmark, are hurting”.

J&J announced a plan last July to cut 3% to 4% of its roughly 122,000-person work force or approximately 4,820 jobs. According to my colleagues at J & J, job cuts have been taking place since the announcement and will continue into 2008.

Times are certainly tough for the life sciences industry. Is this a harbinger of things to come for other sectors of the US economy? I hope not…..

Until next time….

Good luck and Good Job Hunting!

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