Sunday, June 11, 2006

Novartis starts "Project Decimation"

Novartis today confirmed it has launched a savings initiative with the target of reducing costs in the pharma division by a total of $700 million , SonntagsZeitung reported, citing a company spokesman.

The programme is aimed at reducing administration and production costs, accelerating development of new medicines, as well as increasing efficiency of test supervisors, the spokesman said without going further into detail.

The sum equals one-tenth of the group's operating profit last year and savings are aimed to halt the increasing erosion of operating margins.

1 comment:

Anonymous said...

One way to do this would be to shed their chic but rather useless Novartis Institutes for Biomedical Research in Cambridge (US). Of course, if they just replaced Fishman, who knows - maybe his replacement could actually make something of the place and its staff ...