Big drugmakers, of course, are not the only ones shedding jobs these days. West Pharmaceutical Services, which makes components and systems for injectable drug delivery, is closing two facilities - in Pennsylvania and Cornwall in the UK - that employ a total of 320 jobs, or 5 percent of the 6,400 global workforce.
The moves will play out over a number of months or more at each facility as production is shifted to other West Pharma plants. The restructuring costs are expected to total $18 million to $21 million, but are forecast to save about $12 million annually (see the statement).
This is, as many of you know, only the latest indication of the difficulties facing the pharmaceutical industry thanks to shrinking pipelines, expiring patents and assorted economic pressures. In recent weeks, Roche and Novartis announced job cuts; Enzon Pharmaceuticals did the same this morning and Express Scripts plans cutbacks this month.