2007 was a brutal one for layoffs in Big Pharma.
With revenues under pressure across the sector, expect those big job cuts to continue, said Regent Atlantic Capital in a recent report, "The Continuing Evolution of the Pharmaceutical Industry: Career Challenges and Opportunities." "No one can precisely predict how many additional people will be displaced," the report states.
Two pharmaceutical industry CEOs interviewed for the report (and granted anonymity) believe that "an entire generation" of upper-middle and senior-level executives -- as many as 50,000 individuals -- will be displaced. Add that number to the 86,000 layoffs the pharma industry witnessed from 2003 to 2006.