Despite the pharmaceutical company GlaxoSmithKline’s recent announcement that their first quarter revenues rose to £7.4 billion following the swine flu pandemic, there are fears that there will be hundreds of cuts in pharmaceutical jobs in the coming months.
Sales of the pharmaceutical companies vaccine caused sales in the first three months of the year surged to 13%, driving profits up 16% to £2.2 billion.
However, due to the predicted dive in vaccine sales brought about due to the downgrading of the threat posed by H1N1 along with the rise in generic drugs, the drug giant are planning to roll out a series of cost-cutting measures in a bid to save them £1.5 billion by the end of the year.
It is expected that the pharmaceutical job cuts will be made in GSK’s research and development programmes, specifically those developing new therapies for depression and pain treatment. This has sparked fears that as many as 4,000 pharmaceutical job cuts could follow on top of previous reductions.
A representative from the pharmaceutical company said the pharmaceutical job losses in the UK would be in the “hundreds, not thousands” as it prepares for a tough 2010.