GlaxoSmithKline to slash 6,000 jobs

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Source: Sunday Telegraph

GlaxoSmithKline, Britain's biggest pharmaceuticals will announce it is cutting thousands of jobs when it posts full-year results this week, the Sunday Telegraph has learnt.
GSK is putting the finishing touches to plans which will see in the region of 6,000 global positions axed as it faces up to the growing challenges in the industry.

Competition from generic manufacturers and doubts about company pipelines are posing a serious threat to the sector and, in a bearish note last week, ING analysts warned of an "intellectual property meltdown" as top-selling products come off patent and sales slow dramatically.

Glaxo's UK rival, AstraZeneca, said on Thursday that it will cut 15,000 staff by 2013, 6,000 more than initially thought, while industry leader Pfizer has acquired US rival Wyeth for $68bn (£47bn) as it seeks a different route of consolidation.

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The company's sales team in the US, where the business is expected to come under particular pressure from generics and a Democrat administration keen to push for lower prices, is likely to be cut back.

Read more: http://www.telegraph.co.uk/finance/newsbysector/pharmaceuticalsandchemicals/4414273/GlaxoSmithKline-to-slash-6000-jobs.html

[NRaleighLiberal]

1. Well, they got rid of me and most of my dept last April. No surprises here.