Pharma had third-most layoffs in Jan 2012

Share this article:

Dovetailing with AstraZeneca's announcement that it was slashing an additional 7,300 jobs worldwide, a report by outsourcing firm Challenger, Gray & Christmas showed the pharmaceutical industry ranked third among the highest-layoff industries in January.

The 4,000 layoffs put the industry second to retail, which lost 12,400 jobs, and finance, which bled 7,611.

The entertainment and aerospace/defense sectors filled out the remaining spots among the top five most volatile industries, with 3,900 and 3,600 layoffs respectively.

January 2012 was particularly brutal. In addition to bleeding a total of 53,000 jobs, the January numbers are 39% higher than those of January 2011 and marked the biggest monthly job loss since September.

A relative bright spot was government, which continued to lose jobs, but at a slower rate than in previous months -- the slowest, in fact, for the past two years. According to the report, 6,450 government/non profit workers lost their jobs in January 2011, and 6,600 were pink-slipped in January 2010. This year it was 3,000.

John Challenger, CEO of Challenger Gray & Christmas said the January results do not mean other industries can relax. He noted that tightening budgets could force more government layoffs, and that it is just one month into the new year. October, according to the report, is generally the second highest month for layoffs.
Share this article:
You must be a registered member of MMM to post a comment.

MM&M EBOOK: PATIENT ACCESS

Patient access to pharmaceuticals is a tale of two worlds—affordability has improved for the majority, while the minority is hampered by cost, distribution and red tape. To provide marketers with a well-rounded perspective, MM&M presents this e-book chock full of key insights. Click here to access it.

More in Channel

Five things for pharma marketers to know: Monday, September 15

Five things for pharma marketers to know: ...

Pharma has sought 76 meetings with FDA over biosimilars; Gilead licenses Sovaldi to India generic drugmakers; Pfizer and Ranbaxy Lipitor lawsuit dismissed.

Liraglutide, aiming for new indication, gets new name

Liraglutide, aiming for new indication, gets new name

Why Novo Nordisk is choosing not to leverage Victoza's brand equity as it seeks a weight-loss indication for liraglutide.

Five things for pharma marketers to know: Friday, September 12

Five things for pharma marketers to know: Friday, ...

An FDA panel voted in favor of liraglutide for weight loss; Allergan investors backing an attempted takeover of the firm crossed a critical threshold; and 100 million health wearables are ...