The nation’s drug makers have eliminated nearly 35,000 positions in the first half of this year, second only to government in cutting jobs.
Government and non-profit sectors announced 98,776 job cuts this year to date, compared with 34,987 by pharmaceutical companies, and 26,181 by the retail industry, according to a new report by Challenger, Gray and Christmas, a Chicago-based outplacement consulting firm.
The firm noted in a release that the pace of retrenchment has slowed compared to last year, when drug companies cut 51,000 jobs; retail 85,000; and government 102,000. And the report said more employers are confident looking ahead.
Still, the industry faces the prospect of more job losses to support the bottom line as patents expire on prominent drugs within the next year.
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Pharmaceutical Manufacturing, Continuous Improvement and Business Transformation Consultant