It is true that humans will need healthcare regardless of how short on
cash they are, but David Brennan, CEO of AstraZeneca, says that if you
believed healthcare was recession proof, you are wrong.
While speaking at a Financial Times conference in London, he said the
recession will be "deep and long," indeed affecting healthcare,
including the pharmaceutical industry. That's likely no surprise to
those who have witnessed a variety of layoffs, cutbacks and other
restructuring efforts aimed at cost-cutting within the industry.
As a recap, in 2008, Merck cut 8,400 jobs, but we saw major cuts at
Abbot, AstraZeneca, Schering-Plough, UCB Pharma, Wyeth and at many
smaller drug companies as well. The industry is likely to see more
layoffs as we enter 2009.
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