Employees of Danish multinational pharmaceutical giant Novo Nordisk are waiting for another layoff shoe to drop in August 2018 when the company plans to reveal restructuring and cost-cutting plans along with its Second Quarter financial results.
It appears that Novo, the world’s largest supplier of diabetes pharmaceuticals is planning to shed another 3,000 positions and abandon their long-term growth prospects in light of increasing legislative pressure to lower drug prices in the United States.
No detailed comment from Novo, other than “the company regularly adjusts its business according to market conditions” was forthcoming. This would be the second mass layoff, the first coming in 2016 which saw 1,000 positions eliminated to cope with completive pressures from pharmacy benefit managers who represent major insurers and company health plans.
While employees cite Novo as a great place to work, many have little respect for management which appears to be under constant change. The company is currently engaged in a share repurchase program to increase their share price. For some, probably in middle management and sales, the handwriting is on the wall.
Are you asking yourself, Am I Next?