Merck & Co. To Cut 13,000 Jobs

This morning, Merck & Co. announced a further restructuring which would end up eliminating 30% of the companies’ workforce. Another 13,000 job cuts were announced by the Whitehouse Station, NJ-based company, on top of 17,000 previous cuts, according to the Wall Street Journal. The news comes amid the company’s second quarter earnings which stated revenue had risen by 7% on sales growth for diabetes drugs. According to Challenger tracking, job cuts in the pharmaceutical and bioscience industry peaked in 2009, when companies announced 61,109 layoffs, 12 percent more than the 53,636 announced in 2010. Through June of this year, 4,771 job cuts have been announced in the pharmaceutical industry.

 

 

 

ANNOUNCED PHARMACEUTICAL
JOB CUTS

 

 

2011

2010

2009

2008

2007

January

2,090

8,170

22,063

7,628

8,279

February

335

17,687

8,806

1,491

3,653

March

960

308

17,796

1,786

2,086

April

169

1,049

1,671

6,362

177

May

135

6,943

698

3,701

519

June

1,082

830

515

761

1,119

July

 

2,023

1,134

1,048

2,668

August

 

255

321

2,103

3,312

September

 

6,069

5,579

2,700

713

October

 

1,929

113

8,956

2,203

November

 

4,905

2,413

1,912

949

December

 

3,468

0

4,566

6,054

TOTAL

4,771

53,636

61,109

43,014

31,732

 

 

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