Wednesday, September 21, 2011

Pfizer to cut 220 jobs in Spain amid spending cuts - The Economic Times

MADRID: Pfizer Inc. says it will cut 220 jobs at its branches in Spain because of the financial crisis and pharmaceutical spending cutbacks by the government.

A company spokesman in Spain says the cuts will affect administrative, sales and research departments but not production at New York-based Pfizer's plants in Madrid and Olot, in northeastern Spain.

Francisco Jose Garcia Pascual said Wednesday the company employed 2,000 people in Spain. He said there could be cuts in other European branches.

Spain last month said it hoped to save (euro) 2.5 billion ($3.41 billion) on slashing drug subsidy costs for its regional governments by promoting generic medicines. The measure is aimed at helping Spain reduce its deficit as it battles to emerge from recession.

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