Despite the gradual improvements made to the nation's economy, even some of the most previously stable sectors are still experiencing cutbacks. One such field is the U.S. pharmaceutical industry, which has continued to reduce the number of jobs last month.
Benzinga reported that the pharmaceutical sector, in addition to the financial industry, was subject to the most significant employment decreases this October. In fact, approximately 10,585 pharmaceutical professionals were laid off last month. This trend is expected to continue as prominent firms move to rearrange the structure of their labor force, designating the most resources to research and develop drugs that will offer the highest return on investment.
While some of these corporations are making outright cuts to their workforce, others appear to be redistributing the jobs that they are offering. According to the Boston Globe, the international pharmaceutical company Novartis AG has recently decided to trim down their research staff working in outposts across the globe, while creating new jobs at its homebase in Cambridge, Massachusetts. The firm wishes to shut down a branch handling respiratory illnesses research in England and a department focused on dermatology studies in Austria, as well as one handling cancer exploration in California. In total, these closings will cause about 500 employees to lose their jobs, which will be slightly offset by the 175 positions added.