350 research jobs to go at drugs giant

In a bid to improve productivity and reduce costs, GlaxoSmithKline is to axe 350 research jobs. The cuts represent 2% of its 17,000 research and development (R&D) staff.

The cost-cutting programme is expected to amount to a pre-tax saving of up to £700 million by 2010.

The world’s second largest drug maker has been hit by generic competition, setbacks in releasing new products and is experiencing an ever-shrinking pipeline of prospective future drugs

The company said it was reshaping its R&D operations to take advantage of new scientific opportunities and improve its productivity.

The company added that regrettably some job reductions are necessary and we will do everything we can to support these employees who are affected.

The largest pharmaceutical company is US-based Pfizer.

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