On the heels of its $12 billion acquisition of Swiss drugmaker Nyocomed, Takeda Pharmaceutical Company has announced it is reducing the size of its European and U.S. workforce.
Takeda said it would cut 2,100 jobs in Europe and 700 in the U.S. over the next four years across all departments, including research, administration, operations and commercial sales.
The company said the job reduction plan will help trim approximately $1.7 billion by the end of fiscal 2016.
Japan-based Takeda said it will also begin to diversify its portfolio by focusing on new product development.
Meanwhile, the pharmaceutical industry is helping Ireland's economy rebound from Europe's financial crisis.
According to the Morgan McKinley Irish Employment Monitor, 65 percent of professionals plan to increase hiring across the country this year.
Karen O'Flaherty, chief operations officer at Morgan McKinley Ireland, said the hiring spree is being led by the medical industry.
"Current 'high performers' are the bio-pharmaceutical, medical device and IT sectors," McKinley added. "These industries were major drivers of recruitment in Ireland in 2011, a trend which looks set to continue well into the New Year."