In a sweeping restructuring move, Danish Pharmaceutical Novo Nordisk will cut 9,000 jobs or 12 per cent of the workforce.
The decision, released on Wednesday, aims to save $1.3 billion and focus on Diabetes and Obesity.
The layoffs come at a critical time for the world’s leading producer of diabetes and weight loss drugs, as it faces mounting competitive pressure from US rival Eli Lilly.
Novo Nordisk’s blockbuster drugs, Wegovy and Ozempic, face slower growth and market share loss in the USA.
Of the 9,000 job cuts, nearly 5,000 are expected in Denmark, the company’s home base.
The announcement follows a global hiring freeze imposed last month for non-critical roles.
The company currently employs around 78,400 people worldwide.
He reaffirmed that Novo Nordisk’s long-term mission remains unchanged, that is, to deepen its leadership in diabetes and obesity and continue to fight against serious chronic disease.
Explaining the rationale, Doustdar, the CEO, wrote on LinkedIn that the changes will help realign resources towards high-impact research and commercial initiatives.
“Sometimes the hardest decisions are the right ones for the future we’re building,” Doustdar said, expressing confidence in the company.
Also Read: Google Launches AI-Powered Search Mode In Hindi For Global Users
President Murmu and Vice-President Radhakrishnan paid tribute to Sardar Patel on his 151st birth anniversary…
Delhi records its coldest October day in 75 years as heavy rainfall brings temperatures down…
Amit Shah said Sardar Patel’s legacy inspires youth, urging citizens to help build a united,…
PM Modi congratulated ISRO scientists after GSLV-F18 launched NVS-03, a satellite designed to strengthen India's…
PM Modi, Amit Shah and other leaders paid tribute to Sardar Patel, recalling his role…
Arun Govil and Dipika Chikhlia reunite after 39 years in NOTICE, a social drama premiering…