The Swiss pharmaceutical industry giant is planning to cut 20% of its US Headquarters staff. The move comes as the company attempt to cut costs and revamp the way it sells its pharmaceutical products the US markets.
According to reports, there will be 383 pharmaceutical job cuts. Mr Jimenez, CEO of Novartis said the company also plans to restructure its US staff into four new business units, each focused on a specific therapy area: primary care, multiple sclerosis, respiratory disease and neuroscience.
The pharmaceutical company has also seen cuts in it’s sales and marketing spend but they don’t see a reduction in R&D spending. Novartis currently spends about 20% of net sales on R&D. Mr Jiminez stated, “My commitment is to continue to invest heavily in R&D at a time when many of our peers are outsourcing their R&D and reducing their spending because they aren’t seeing the productivity. I just believe this is a business that is fundamentally about R&D and that it should be strategically owned by Novartis and directed by Novartis,” he said.
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