300 Procter Gamble Pharmacists will Lose Jobs
Below is a MRR and PLR article in category Business -> subcategory Other.
Procter & Gamble to Lay Off 300 Pharmacists
Overview
Procter & Gamble (P&G) announced last Friday that it will lay off 300 employees from its pharmaceutical division by this summer.
Details
Date: February 21, 2006
By: Elif Ozdemir
P&G plans to eliminate 300 positions from its pharmaceutical units, with the process expected to conclude by June 30. The company has not specified which positions will be axed, but the cuts are likely to affect researchers, scientists, and other technical roles.
The primary impact will be on P&G’s research facility in Mason, Ohio, which employs 2,560 people and serves as a headquarters for its major operations. Some positions in London, Toronto, and New York will also be affected.
P&G spokesman Tom Millikin emphasized that the layoffs are not a cost-cutting measure but a strategic decision to sustain business growth. The company aims to shift focus away from early-stage pharmaceutical research and instead prioritize acquiring and licensing medicines from other firms.
P&G intends to collaborate with about 4,400 biotech companies worldwide that have potential compounds but lack the resources to market their products. This shift, despite the job losses, is expected to benefit domestic research companies that specialize in later-stage drug development.
The company will concentrate on developing drugs for women's health, musculoskeletal issues, and gastrointestinal medicine. Earlier this month, P&G partnered with Nastech to expand and market a nasal spray for osteoporosis.
The job cuts are expected to significantly impact Mason City’s reputation as a life sciences research hub. P&G is one of Cincinnati’s largest employers.
Globally, P&G employs 98,000 people across 80 countries. It originated as a candle and soap manufacturer and now sells products in 140 countries, ranging from diapers and detergents to shampoos and snacks.
Last year, P&G had already signaled plans for major restructuring that hinted at layoffs and potential plant closures. Following these announcements, the company’s stock climbed by over three points.
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