Drug Makers Face Layoffs of Thousands -- Generics, Other Woes Force Belt-Tightening

Summary

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TRENTON, N.J. - Drug makers beset by growing generic competition, few new blockbusters, drug safety concerns and pressure from insurers and government health programs to discount prices are cutting tens of thousands of jobs.

Nearly all of the country's 10 largest pharmaceutical companies in the U.S. are restructuring, with some, such as Schering-Plough Corp., announcing plans to trim 10 percent or more of the work force.

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Drug Makers Face Layoffs of Thousands -- Generics, Other Woes Force Belt-Tightening

Since 2007, eight of the world's biggest drug makers have announced the elimination of more than 42,000 jobs; two other major companies have eliminated another 12,200 jobs in the l...

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