Layoffs in major pharma

Great ... my company just announced that they're laying off 100 people in head office (1/3 of the work force). This is our 3 reorganization in 2 years. Fun and games.

To make it worse, I was greeted by journalists in the parking lot ...

Blame the Generics and the poor Intellectial Property Canadian laws.

Maybe the big wigs want to trim the work force to make the company more attractive to buyers and line their pockets?

Sucks for you but I'm sure generics are not entirely to blame.

Update:

The company cited reasons including a desire to better integrate Genzyme, a biotech company acquired last year for more than US$20 billion.

Yeah, can't blame the Gx really; they're driving their business. Weak IP law and "big wigs" also have their share of blame for sure. As for me, we'll see what happens. It'll take about a month before we all know if we're retained or not.

TheAvatar wrote:Yeah, can't blame the Gx really; they're driving their business. Weak IP law and "big wigs" also have their share of blame for sure. As for me, we'll see what happens. It'll take about a month before we all know if we're retained or not.

My wife worked in IP as a patent paralegal for over a decade but I know nothing about the laws. I do believe that generic producers have to pay royalties to the inventors though.

Either way, it always sucks when there are layoffs although I hope I get laid off sometimes to get into something else!

sucks to hear about your company. My dad used to work in sandoz that had a major layoff two years ago and my dad lost his job there as regional manager. The generic drugs really put a hamper on the pharma companies.

Yeah, those patent cliffs are horrid. Just in Canada, my company lost 3 drugs (patent expired) in the last 3 years that were worth more than $500MM per year (combined). "right-sizing" becomes unavoidable (but it doesn't make it any easier)

Was your dad able to stay in Pharma or did he move to a different

TheAvatar wrote:Yeah, those patent cliffs are horrid. Just in Canada, my company lost 3 drugs (patent expired) in the last 3 years that were worth more than $500MM per year (combined). "right-sizing" becomes unavoidable (but it doesn't make it any easier)

Was your dad able to stay in Pharma or did he move to a different

He was exploring different areas, but he was able to stay in Pharma and got with another company. Though he's much older than the average worker so odds were also against him in finding the same salary he was used to. Got a similar position again though, so there is still a market.

Michallica wrote:

TheAvatar wrote:Yeah, those patent cliffs are horrid. Just in Canada, my company lost 3 drugs (patent expired) in the last 3 years that were worth more than $500MM per year (combined). "right-sizing" becomes unavoidable (but it doesn't make it any easier)

Was your dad able to stay in Pharma or did he move to a different

He was exploring different areas, but he was able to stay in Pharma and got with another company. Though he's much older than the average worker so odds were also against him in finding the same salary he was used to. Got a similar position again though, so there is still a market.

Typically, the severance packages are quite generous which gives buys us the luxury of time.