Merck slashes jobs amid pharma cost-cutting

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US PHARMACEUTICAL giant Merck & Co plans to cut around 6,000 jobs, mirroring similar cost-saving measures among rival drug manufacturers.

The developer of vaccines and cancer therapies has announced a restructuring programme aimed at saving £2.2bn (US$3bn) by the end of 2027.

Merck said it expects to “eliminate certain administrative, sales and R&D positions”, making up around 8% of its global workforce.

The company says the savings will be reinvested to support new product launches across its various research areas.

Along with the shrinking workforce, Merck intends to reduce global operations to decrease its “global real estate footprint”.

Pharma job cuts

Pharmaceutical sector layoffs have increased every month since the beginning of the year, according to data reported by BioSpace. In July alone, 7,900 pharma and biotech employees lost or were projected to lose their jobs.

Recently, mRNA pioneer Moderna announced plans to cut 500 jobs, 10% of its total workforce, to save £1.1bn by the end of 2027.

Chemical engineers affected by redundancies and job cuts have access to IChemE’s redundancy support hub which includes advice, tools and links to financial assistance through the Chemical Engineers Benevolent Fund.