GlaxoSmithKline to cut 6,000 jobs
February 2, 2009
According to Reuters, GlaxoSmithKline is set to announce about 6,000 job losses when it posts results. The cuts by Glaxo, the world''s second largest drugs company after U.S. group Pfizer, are part of Chief Executive Andrew Witty''s strategy to meet the challenges facing the industry, including increased competition from generic drug makers. The company, which employs about 100,000 people including 18,000 in the UK, has failed to get as many new drugs to market as investors hoped when it was created via a merger eight years ago. Witty has tried to shift Glaxo''s center of gravity away from blockbuster prescription drugs, like top-seller Advair for asthma, and toward non-prescription consumer healthcare products.