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You are here News Economy Novartis to cut or transfer up to 4,000 pharma jobs: paper

Novartis to cut or transfer up to 4,000 pharma jobs: paper

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NovartisSwiss drugs group Novartis (NOVN.VX) is planning to cut or transfer up to 4,000 jobs, newspaper NZZ am Sonntag reported on Sunday, citing an internal email.

The plan affecting up to 6 percent of its pharmaceuticals workforce comes on top of a program to reduce the number of production sites and is part of a larger drive to cut costs, the newspaper said.

Global drugmakers are under increasing pressure from investors to step up restructuring as patents on best-selling drugs expire and governments try to keep a lid on health costs.

NZZ am Sonntag said it received a statement from Novartis saying that the overall number of employees should remain "relatively stable" in 2014.

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