Friday, January 16, 2009

50 More Schering R&D Positions Eliminated Yesterday. . . .

CNN Money is carrying news of additional job cuts in five Schering R&D locations around New Jersey and Pennsylvania -- as its previously announced "Productivity Transformation Program" -- a process of down-sizing -- continues:

. . . .the layoffs included management, administrative and scientific positions, and were spread primarily across five locations in New Jersey and Pennsylvania.

Schering-Plough has been making periodic job cuts since announcing the productivity initiative, but hasn't announced every action, Galpin said.

Schering's broader cost-reduction effort was announced last year in response to increased pressure on the industry as well as a downturn in sales of cholesterol drugs Vytorin and Zetia, which Schering-Plough co-markets with Merck & Co. (MRK).

Also, Schering has run into some regulatory setbacks trying to bring new drugs to market in the U.S. . . .

How is it that this "Productivity Transformation" only began -- in the fifth year of CEO Hassan's service? Wasn't he a turnaround specialist? Gee, I wonder.


Anonymous said...

Productivity Transformation~

Wow, it is amazing what kind of buzz words these guys spin. Throw in the 'transparency, earn trust everyday' and you would think management actually believed in this stuff.

I wonder, if the Executive Management Team will be ever be held to the Productivity Transformation. After all, all the 'downside' of the business is ultimately been on their shoulders.

Anonymous said...

And not a mid-level (or high level) manager among those 50. Just the regular folks in the labs with families to feed and mortgages to pay.