And so it continues. The pharma world persists in shedding jobs, despite signs – admittedly wobbly signs -- that the economy is recovering.
Bayer recently joined the job-shedding queue, announcing it planned to eliminate 4,500 positions – but would recreate more than 2,000 jobs when it expanded into emerging markets, primarily in Asia.
Bayer’s announced reasons for eliminating the positions were spiraling research and development costs, competition from generics, and costs from health care reform. Not really a surprise ….
Interestingly enough, pharma members expanding into China and India will face similar business challenges in those countries eventually.
It’s time for the 30,000-foot view. From our vantage point: America is no longer the glory market. The industry is undergoing a paradigm shift; members are looking for other places to make their fortunes. The huge markets of China, India and other Asian markets are exactly where they should be going. Shareholders will only put up with so much for so long.
So where does that leave the industry staffs in United States? Where should pharma members focus? Our answer: Patient medication adherence! More to follow.