“The layoff plan has been drawn as a part of ‘match for future’ undertaking. The communication to recognized staff will likely be made by March 31,” a senior govt advised TOI.
“Novartis is consistently taking a look at methods to greatest meet our affected person’s wants with our modern merchandise and pipeline whereas strengthening Novartis competitiveness. This is an ongoing course of as a part of which we continuously consider eventualities that allow us to make selections in accordance with each our enterprise wants and people of our sufferers and prospects,” Novartis spokesperson mentioned in response to an in depth question.
The proposed growth assumes significance as this may most likely be the primary job minimize of this scale within the native pharma trade after the pandemic hit final yr. Besides, the pharmaceutical trade is taken into account one of the vital secure sector even in instances of financial disaster.
According to the senior govt, the proposed downsizing presently 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 lack 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 yr in the past.