Mubasher: Swiss drugmaker Novartis on Tuesday announced plans to trim around 2,550 jobs in both Switzerland and the UK within the coming four years.

The decision supports the multinational pharmaceutical company’s strategy in increasing its profits, in addition to adding new medicines.

Up to 2,150 vacancies will be lost in Switzerland at four factories and its Swiss-based business services unit, while the rest of jobs will go in Grimsby, northeast England after shutting down its unit there, according to the firm’s statement.

Currently, the Basel-based company employs around 124,000 people in 66 factories across the world.

Moreover, the firm targets reaching only 100,000 people by 2022, Vas Narasimhan, CEO of Novartis, said.

Narasimhan added that the job reductions were needed to help in boosting the drugs unit’s operating margin to around 35% of sales, from 31.3% now.

Source: Mubasher

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