Layoffs on Horizon as GSK on Verge of Restructuring

British-based pharmaceutical giant GlaxoSmithKline is planning on initiating cost-cutting measures that will ultimately cause hundreds of jobs to be lost.

On October 22 this year GSK, Britain’s leading drug company, announced their Q-3 results and also stated that they will save about 1 billion pounds ($1.56 billion) in yearly costs over three years. It has not yet been announced who will be laid off to save this money.

The company’s head of North American pharmaceuticals, Deirdre Connelly, will brief US employees on the upcoming changes. Sales of GSK respiratory drugs have been falling of late in the US.

“Each business unit is currently deciding how to respond to this challenge. When we do have proposals, we will first share those with our employees,” said a GSK spokesman.

Alison Meadows

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Alison Meadows has a PHD in Economic Trends in Modern Times and is a known writer who focuses on hedge fund investments. Meadows, her husband, and three kids live in Boston, where she grew up and attended college. Contact Alison at alison[at]businessdistrict.com