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Hinting at layoffs, Pfizer extends severance
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One hint that Pfizer layoffs will only continue: The company extended its severance-package program, which was due to expire at year's end, through mid-2009, because the drugmaker couldn't treat new layoffs differently from those cut previously. And according to sources close to the action, those layoffs probably would include a large number of sales reps.
Meanwhile, Pfizer is also considering spinning off some of the research units that it put on the "eliminate" list two weeks ago, Pharmalot reports. Plus, the company might buy a "brand-name biotech." As you know, almost every time a biotech appears to be on the block, Pfizer is rumored to be among the pharma firms kicking tires. Which target might actually prove out is a mystery, though the gossip says Pfizer might take another look at Biogen Idec.
A new round of job cuts would add to the 10,000 Pfizer announced in January 2007 as part of a major restructuring program that also included plant closures and research-center shutdowns.
- read the post at Pharmalot
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Comments
By Cecily | Posted 7:12pm | October 15, 2008
Biogen will be a terrible acquisition candidate if they continue refusing treatment to Fred Baron. They're headed straight for a public relations disaster.
By Anonymous | Posted 4:11pm | October 30, 2008
Perhaps, if the top guns would pass on bonuses and perks, some of the little people in research and development could still keep their jobs. Layoffs should be labeled GREED!
By Anonymous | Posted 6:57pm | November 11, 2008
word is that they are not really getting rid of the jobs.. just replacing them with HB1 workers.. AND the US workers losing their jobs, have to train the replacements or lose their severance..
can Obama start early !!!! pleeezzzzzzz
By MR. D | Posted 1:40pm | November 17, 2008
Has any of the employees even considered about forming a union? There are unions available that represent scientist, R&D, and sales out there that would be glad to represent Pfizer employees. Employees of Pfizer need job protection and fairness.
By Anonymous | Posted 9:59pm | November 19, 2008
Right...because unions worked SO well for the auto industry???
By Anonymous | Posted 3:42pm | January 27, 2009
Maybe they wouldn't need to lay-off employees if they would restructure the way they handle the pay, bonuses, and perks of the "sales-reps." Sales reps are paid extraordinarily well when, in fact, they do no more than deliver products and arrange lunches. What a huge SCAM....
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