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Novartis may go for layoffs due to Covid

Published : Wednesday, 24 February, 2021 at 12:00 AM  Count : 79

NEW DELHI, Feb 23: Drugmaker Novartis India may lay off around 170 people as part of its workforce rationalization in the wake of Covid-19 impacting its business in India, sources said.
"The layoff plan has been drawn as part of 'fit for future' project. The communication to identified employees will be made by March 31," a senior executive told TOI.
"Novartis is constantly looking at ways to best meet our patient's needs with our innovative products and pipeline while strengthening Novartis competitiveness. This is an ongoing process as part of which we constantly evaluate scenarios that enable us to make decisions in accordance with both our business needs and those of our patients and customers," Novartis spokesperson said in response to a detailed query.
The proposed development assumes significance as this would probably be the first job cut of this scale in the local pharma industry after the pandemic hit last year. Besides, the pharmaceutical industry is considered one of the most stable sector even in times of economic crisis.    -TNN









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