Wyeth ‘considering’ job cuts

Wyeth has confirmed that it is considering job cuts that could reduce its workforce by ten per cent over the next three years as part of cost cutting plans.

Over 5,000 pharmaceutical jobs could go following a turbulent year for the American pharmaceutical firm which has experienced a series of regulatory restrictions and outsourcing plans.

Wyeth has also seen a number of delays in approvals for new products while new generic products, such as the recent launch of a generic form of its Protonix ulcer medicine, have led to falling sales.

However, a spokesperson for Wyeth has asserted that restructuring plans are not “etched in stone,” reports Reuters.

Doug Petkus went on to outline that details of the initiative will be presented to employees towards the end of March.

“We are evaluating our business and trying to find ways to be more efficient, and part of that is to keep costs under control,” he told the news agency.

Mr Petkus acknowledged that approval delays had occurred but he asserted that prospective drugs will soon be on the market and adding to the company’s revenue stream.