Including pharmaceutical industry...BD
NEW YORK (Reuters) - A lack of significant new drugs and products, declining sales of lucrative flagship franchises and fierce competition have set off a wave of "restructuring" moves among the biggest names in health care. In many cases, restructuring is a euphemism for eliminating thousands of jobs, and it remains to be seen whether these moves are quick fixes to prop up dwindling profits, or a recognition of the industry's harsh new reality.
The world's largest drugmaker, Pfizer Inc and the No. 1 biotechnology company, Amgen Inc are in the process of major restructuring, including dramatic workforce reductions. Previously, AstraZeneca said last July it would eliminate 7,600 jobs, and Boston Scientific rival Medtronic Inc last month announced some 500 job cuts from its cardiac rhythm management business.