Over 500 New York jobs to be cut at Novartis
Novartis has blamed the loss of patent protection on its antihypertensive drug valsartan (Diovan) for the loss of more than 500 jobs from a manufacturing plant in New York.
The company said the jobs affected would be lost over the next two to three years as the Suffern plant is wound down, starting in the second quarter of 2014.
"Changes in our current portfolio, namely the loss of exclusivity of Diovan, have significantly reduced the future production demand on the Suffern site.
"The site's future volumes would be significantly below the minimum required to operate it cost effectively."
Novartis statement to the press.
The New York news comes a day after Novartis announced staff restructuring in its home country of Switzerland, where 500 pharmaceutical jobs would be lost in favour of new posts to support drug launches.
Related news:
Novartis to cut 500 jobs in shutting US Diovan plant (Reuters).
Novartis to axe 500 jobs in US (The Wall Street Journal).
