Pfizer Inc. said Friday it will cut 700 jobs in France out of its total French workforce of 3,000 as part of the U.S. drugmaker's global reorganization.
New York-headquartered Pfizer, the world's largest pharmaceutical firm, said the cuts would be made on a voluntary basis and would concern both its sales force and headquarters staff.
The pharmaceutical industry has been slashing its workforce due to growing generic competition, few new blockbusters, drug safety concerns and pressure from insurers and government health programs to discount prices.
Other drug companies are also announcing cuts. Last month, GlaxoSmithKline said it was cutting its U.S. sales force by 1,000. Novartis announced a cut of 550 sales jobs in October. Earlier this year, Merck eliminated about 1,200 sales positions. Bristol-Myers Squibb Co., Wyeth and Pfizer Inc. also have cut sales forces this year, and many drug companies made major cuts in 2007, too.
(This version CORRECTS Corrects Pfizer headquarters to New York, graf 2)
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