Novartis plans to cut 4,000 jobs, transfer a major chunk to India

Updated: Feb 3 2014, 07:14am hrs
Swiss drugs group Novartis 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% of its pharmaceuticals workforce comes on top of a programme 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. The daily said it received a statement from Novartis saying that the overall number of employees should remain relatively stable in 2014. The paper said that a significant part of the 4,000 jobs will be transferred to Hyderabad, where Novartis rented an office building able to house 8,000 employees.