The Swiss newspaper Neue Zuercher Zeitung is reporting that up to 4000 jobs at Novartis are expected to be cut or moved to Hyderabad over the next 12 months. This comes weeks after CEO Joe Jiminez told investors he intended to increase operating margins.
The Swiss pharma company recently issued an upbeat Annual Report, but financial performance did not live up to investors’ expectations. The company has been following a programme of restructuring since 2007, including the closure of 15 sites; however, in 2013 the company’s headcount rise by around 8000.
Many of the affected jobs are thought to be in the company’s pharmaceutical division, particularly in data management, although some back-office functions are also expected to be involved.