Novartis It said on Tuesday that a previously announced restructuring program could lead to the layoff of 8,000 workers, or about 7.4% of its global workforce, including 1,400 in Switzerland.
The job cuts are part of a restructuring program that the Swiss pharmaceutical group announced in April, with the aim of saving at least $1 billion by 2024.
Novartis said in a statement that it had made good progress in implementing its new organizational structure, which involves the integration of its pharmaceutical and oncology business units and would lead to the elimination of functions across the organization.
This restructuring could affect 1,400 jobs in Switzerland, and a total of 8,000 jobs worldwide,” the company said, adding that it currently has 108,000 employees globally.
The company said that the cost cuts would come mainly from the elimination of overlapping structures, as it would no longer manage its oncology and non-oncology pharmaceutical activities separately.