Home Business News Novartis may go for layoffs due to Covid - Times of India

Novartis may go for layoffs due to Covid – Times of India


NEW DELHI: Drugmaker Novartis India may lay off around 170 people as part of its workforce rationalization in the wake of Covid-19 impacting its business in India, sources said.
“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 executive told 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 said in response to a detailed query.
The proposed development assumes significance as this would probably be the first job cut of this scale in the local pharma industry after the pandemic hit last year. Besides, the pharmaceutical industry is considered one of the most stable sector even in times of economic crisis.
According to the senior executive, the proposed downsizing currently entails only the pharmaceutical segment of Novartis and can be extended to other divisions going forward.
Earlier this month, the Indian arm of the Swiss drug major reported a net loss of Rs 71 lakh for the quarter ended December 31, 2020. The company had posted a net profit of Rs 7.73 crore for the corresponding period of the previous fiscal. Revenue from operations of the company stood at Rs 93.77 core for the quarter under consideration. It was Rs 117.46 crore for the same period a year ago.



Source link

Avatar
Sahilhttp://digitalguruji.org
In this blog our main motive is to provide you all kind of latest information about technology, politics, sports, and health. If you want to read this information then you should have to visit our website. This information will help you to increase your knowledge.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Covid-19 prompts women to take ownership of money, invest more: Survey – Times of India

NEW DELHI: A greater number of women in India are taking ownership of their money and investing more as compared to 2020, when...

THIS toilet habit is making you more prone to infections (and other health risks) | The Times of India

Out of all the places in your house, bathrooms is one of the germiest places. Everything in your bathroom including the faucet, hand...

Karnataka B.Ed selection list 2021 released at schooleducation.kar.nic.in – Times of India

NEW DELHI: Department of Public Instruction, Government of Karnataka has declared the result of B.Ed examination on its official website today, i.e., March...

adapt headset: Epos introduces ‘Adapt 100 Series’ wired headsets – Times of India

High-end audio solutions and technology company Epos has announced the launch of the Adapt 100 Series wired headsets in India....

Recent Comments