AsianScientist (Oct. 27, 2011) – 2,000 positions in Novartis based mostly in Switzerland and the U.S. will be axed, offset by 700 new positions in China and India.
These job numbers were indicated in the Group’s third financial quarter report, which also revealed a 12 percent rise in sales and 15 percent rise in core operating income. Free cash flow in the Group also grew 27 percent to US$3.7 billion.
Although the report merely stated that 700 jobs would be redirected to low cost and other countries, Novartis CEO Joseph Jimenez revealed that these jobs – centered in data management and trial monitoring – would be taken up in China and India, according to a Bloomberg news report.
Since the start of his tenure in February 2010, Jimenez has taken Novartis through measures to improve productivity and absorb pricing pressures, and additional cost reduction activity will be executed over the next three to five years.
In other updates, Novartis will reallocate production within its network, resulting in closure of two sites in Switzerland and one in Italy; restructure its development organization largely in Switzerland and the U.S.; and relocate some research activities from Switzerland to the U.S.
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Source: Novartis AG.
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