News: Novartis India to layoff 170 employees

Employee Relations

Novartis India to layoff 170 employees

This is the first job cut of this scale in the local pharma industry after the pandemic that hit last year.
Novartis India to layoff 170 employees

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 shared in media.

“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 sectors 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 crore for the quarter under consideration. It was Rs 117.46 crore for the same period a year ago.

Read full story

Topics: Employee Relations

Did you find this story helpful?

Author

QUICK POLL

What is your top focus area for reinventing work in the hybrid world of work?

2 months free subscription
q_auto,f_auto/v1617612749/mag-april-2021.png

Subscribe to all new People Matters HR Magazine

.

Subscribe
And Save 59% plus Two months free

Subscribe now

What are your key focus areas as you continue to reinvent your business amid the ongoing uncertainty? READ the April 2021 issue of our magazine to find out the reinvention story of global leaders.

Read Now