Head Lines
    Headlines
  • Telangana Assembly passes TSRTC merger Bill
  • 'Money Heist'-Inspired Cyber Criminals Arrested For Conning Noida Businessman
  • SC to monitor cases of crime against women in Manipur
  • Veg thali cost surges 28% in July amid soaring food prices
  • IIM Lucknow launches executive programme in AI for Business
  • Govt to open research park at top educational institutions to promote science & tech
  • US to send Ukraine first $200 million of arms freed by $6.2 billion 'error'
  • Reliance Retail says it is set to lead the retail industry in the coming decade
  • Karnataka High Court accepts petition challenging provisions of Real Estate Regulatory Act
  • ‘I’m doing this for Pewdiepie’: MrBeast challenges T-Series, will fight to become YouTuber with maximum subscribers

Drugmaker Novartis India may lay off around 170 people as part of its workforce rationalization in the wake of Covid-19 impacting its business in India, sources said. “The layoff plan has been drawn as part of ‘fit for future’ project. The communication to identified employees will be made by March 31,” a senior executive told TOI.

 

NEW DELHI: Drugmaker Novartis India may lay off around 170 people as part of its workforce rationalization in the wake of Covid-19 impacting its business in India, sources said.

“The layoff plan has been drawn as part of ‘fit for future’ project. The communication to identified employees will be made by March 31,” a senior executive told TOI.

“Novartis is constantly looking at ways to best meet our patient’s needs with our innovative products and pipeline while strengthening Novartis competitiveness. This is an ongoing process as part of which we constantly evaluate scenarios that enable us to make decisions in accordance with both our business needs and those of our patients and customers,” Novartis spokesperson said in response to a detailed query.

The proposed development assumes significance as this would probably be the first job cut of this scale in the local pharma industry after the pandemic hit last year. Besides, the pharmaceutical industry is considered one of the most stable sector even in times of economic crisis.

According to the senior executive, the proposed downsizing currently entails only the pharmaceutical segment of Novartis and can be extended to other divisions going forward.

Earlier this month, the Indian arm of the Swiss drug major reported a net loss of Rs 71 lakh for the quarter ended December 31, 2020. The company had posted a net profit of Rs 7.73 crore for the corresponding period of the previous fiscal. Revenue from operations of the company stood at Rs 93.77 core for the quarter under consideration. It was Rs 117.46 crore for the same period a year ago.

comments

No Comments Till Now.

Write Your Story