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Novartis to cut 1,960 jobs in US | Novartis to cut 1,960 jobs in US |
(about 2 hours later) | |
Swiss drugmaker Novartis has announced plans to cut 1,960 jobs in the US. | Swiss drugmaker Novartis has announced plans to cut 1,960 jobs in the US. |
The company said the move reflected the impending loss of its patent on blood pressure drug Diovan and expected lower sales of one of its hypertension drugs. | |
Some 1,630 jobs will go from its sales force and another 330 positions from the reorganisation of the headquarters of its US general medicines business. | Some 1,630 jobs will go from its sales force and another 330 positions from the reorganisation of the headquarters of its US general medicines business. |
Other pharmaceutical firms have also cut their sales forces as the industry faces a wave of patent expiries. | Other pharmaceutical firms have also cut their sales forces as the industry faces a wave of patent expiries. |
In December, AstraZeneca said it was cutting 1,150 jobs in the US, reducing its sales force in the US by 24%. | In December, AstraZeneca said it was cutting 1,150 jobs in the US, reducing its sales force in the US by 24%. |
David Epstein, division head of Novartis Pharmaceuticals, said the next two years would be "challenging". | David Epstein, division head of Novartis Pharmaceuticals, said the next two years would be "challenging". |
"These are difficult but necessary decisions that will free up resources to invest in the future of our business," he said. | "These are difficult but necessary decisions that will free up resources to invest in the future of our business," he said. |
Novartis also said it would take a charge of $900m (£586m) in the fourth quarter of 2011 relating to its Rasilez drug, also known as Tekturna. | Novartis also said it would take a charge of $900m (£586m) in the fourth quarter of 2011 relating to its Rasilez drug, also known as Tekturna. |
It expects lower sales of the blood pressure pill after the failure of a clinical trial. | It expects lower sales of the blood pressure pill after the failure of a clinical trial. |
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