In a recent announcement to the public, Merck – a United States pharmaceutical giant – will be cutting 8,500 jobs as part of a business strategy to become more competitive in their field.
An article by CNN reports that Merck also plans to cut $2.5 billion from its annual operating costs by the year 2015. The first step, cutting 8,500 jobs, comes in addition to the previous 7,500 jobs that were cut in 2011 and 2012. According to CNN, these “cuts will be made in marketing and administrative areas of the company as well as R&D.”
Recently, Merck has been severely hurt by generic drug competitors, delays in regulatory procedures and failed testing of new drugs. The company’s biggest goal now is to become more efficient, and Merck’s Chief Executive states that “These actions will make Merck a more competitive company, better positioned to drive innovation and to more effectively commercialize medicines and vaccines for the people who need them.”
Another change will include selling their New Jersey facility in order to help reduce overhead.
Merck is at also at risk for additional expenses. As Lopez McHugh previously posted, studies have linked both Merck’s Januvia and Bristol-Myers Squibb’s Byetta to a higher risk of pancreatitis and pancreatic cancer. Byetta has also been linked to an increased risk of thyroid cancer. Lopez McHugh and other law firms are investigating and filing cases involving both of these drugs.
You should consult with a doctor if you have any ongoing symptoms or health concerns, and before making any changes in medication. You should also consult with a Lopez McHugh attorney if you or a loved one was diagnosed with pancreatic cancer after taking Januvia or Byetta.