Monday, September 26, 2011

Novartis ready to shed jobs to keep costs low | City A.M.

SWISS drugmaker Novartis will make sweeping job cuts at sites across the world in a bid to keep a cap on costs, according to sources in its home country.

Like many pharmaceutical companies, Novartis is starting to face generic competition, with its breast cancer drug Femara and its blood pressure medicine Diovan losing patent protection.

A spokesman for Novartis said the firm could not confirm that number. Novartis’ local rival Roche has announced it would cut several thousand jobs in a similar cost-saving drive.

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