Pfizer announce job cuts for around 10,000 workers

Pfizer Inc. has announced that they are cutting 10,000 jobs to cut costs amidst fierce competition in the global market.

The company also has plans to close at least five facilities as they aim to slash its annual costs by up to $2 billion by the end of next year.

This announcement shows the problems faced by pharmaceutical companies around the world as they face issues related to expired patents and pressures from insurers and other large purchasers of medicines.

It is also the second time in two years that the company has to announce cost cutting plans. Market experts claim that the company is at risk of losing 41 percent of its sales to generic competition between 2010 and 2012.

These latest job cuts mean that the company would be getting rid of around 10% of their global workforce.

Pfizer is planning to close down three research sites in Michigan and two manufacturing plants in New York and Nebraska.

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