Wyeth - Top 5 layoffs of 2008
Company: Wyeth
Layoffs: 5,000
Summary: As with Merck, a good chunk of Wyeth's 5,000 layoffs were sales positions. First, 1,240 reps were handed the pink slip in March. A month later another 1,200 were cut.
The eliminations are part of Wyeth's "Project Impact," a restructuring initiative announced in January that Wyeth hopes will help it survive impending generic competition and FDA-approval setbacks. The company said it will cut 10 percent of its workforce--5,000 jobs--by 2011. Wyeth will continue to spend the same amount on R&D, but will cut its therapeutic areas from 14 to six, and will narrow its focus down to 27 diseases, from 55.
What does this mean for Wyeth researchers? Overall, the number of scientific jobs won't change, but there will be layoffs--primarily for those whose skills are not transferable to other areas, the company said. Four to six percent of the company's ranks are expected to be cut by the end of this year.
Comments
By Anonymous | Posted 3:55pm | November 19, 2008
that is not rue, they are cutting people with the most skills...keeping the people with the least education/skills. I know because I was just laid off and I was the only one in my group with many transferable skills, a Masters Degree, and experience. They seem to be keeping the least educated group. I have been seeing this through the company as well.
By Anonymous | Posted 5:23pm | November 19, 2008
Like many companies, they are cutting costs, hoping that the loss of expensive skills can be overcome with stress and Generation X management skills. I know, because I am now making 25% less at my company. The upside is that I still have a Pharma job.
Post new comment
Paid Research Reports
- The Specialty Pharma Market Outlook: Key players, new company growth models and emerging opportunities
- Investigating Clinical Trial Costs: Comparative analysis of trial cost components in key geographies
- Clinical Trial Recruitment Strategies: Optimizing patient recruitment and retention in late stage clinical trials
- Pipeline Insight: Therapeutic Cancer Vaccines - Prospect of first approval set to reinvigorate interest from major companies
- Stakeholder Opinions: Vaccines in Emerging Markets (Asia) - Opportunities in China, India, South Korea and Taiwan
- Big Pharma Performance Before, During and Beyond the Global Recession
