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Pfizer to cut 700 jobs in France

December 16, 2008
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The Associated Press reports that Pfizer Inc. will cut 700 jobs in France out of its total French workforce of 3,000 as part of the U.S. drugmaker''s global reorganization. New York-headquartered Pfizer, the world''s largest pharmaceutical firm, said the cuts would be made on a voluntary basis and would concern both its sales force and headquarters staff. The pharmaceutical industry has been slashing its workforce due to growing generic competition, few new blockbusters, drug safety concerns and pressure from insurers and government health programs to discount prices.

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