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Novartis AG (NYSE:NVS) reportedly plans to slash up to 680 positions in its development organization, aiding in drug market launches.
The Basel-based company announced that approximately 440 positions will be cut in Switzerland and up to 240 in the U.S. within the next two to three years, Reuters reported.
The job cuts mentioned are distinct from a restructuring initiative that may result in up to 8,000 positions being eliminated from Novartis’s global workforce of 78,000, the report read.
Swiss pharmaceutical competitor Roche Holding Ltd (OTC:RHHBF) previously disclosed its plan to reduce 345 positions in product development earlier this year, Reuters stated.
Novartis currently employs approximately 12,500 individuals in development roles, encompassing drug regulation management, analytics, and ancillary functions such as quality assurance.
The personnel are also engaged in formulating the production procedures for drugs post-research, the report added.
Presently, approximately 3,000 roles are in Switzerland and 2,000 in the U.S., implying that around 14% of positions in those nations will be impacted.
During the same period, Novartis announced plans to create new positions, resulting in a net global reduction of 1%-2%, the report read.
These adjustments aim to enhance its capabilities by tapping into local talent pools, including data scientists and regulatory experts in the U.K. Novartis affirmed its continued commitment to development efforts in Switzerland and the U.S., the report added.
Price Action: NVS shares are trading lower by 0.08% to $95.40 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
