Trends: Industry Job Cuts

Pharmaceutical Technology, Pharmaceutical Technology-07-02-2008, Volume 32, Issue 7

Staff reductions are not surprising with the state of the economy and falling pharmaceutical sales.

Given the current state of the economy and the fact that pharmaceutical sales have been crunched over the past several years, job cuts are not surprising. The US unemployment rate has gone up a full percentage point in the past year, from 4.5% in May 2007 to 5.5% in May 2008; the rate in New Jersey went up from 4.3% to 5.0%. Below is a look at some of the largest cuts that pharmaceutical companies—nearly half of them based in New Jersey—have announced since early 2007.

(Raymond Medici/Getty Images, Cartesia/Getty Images)

Companies and announced job cuts