“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 government advised 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 mentioned in response to an in depth question.
The proposed improvement assumes significance as this could in all probability be the primary job minimize of this scale within the native pharma trade after the pandemic hit final 12 months. Besides, the pharmaceutical trade is taken into account one of essentially the most steady sector even in instances of financial disaster.
According to the senior government, the proposed downsizing at present entails solely the pharmaceutical phase of Novartis and may be prolonged to different divisions going ahead.
Earlier this month, the Indian arm of the Swiss drug main reported a web loss of Rs 71 lakh for the quarter ended December 31, 2020. The firm had posted a web revenue of Rs 7.73 crore for the corresponding interval of the earlier fiscal. Revenue from operations of the corporate stood at Rs 93.77 core for the quarter into consideration. It was Rs 117.46 crore for the identical interval a 12 months in the past.