New Delhi, April 10: Novartis to lay off 680 employees as part of a business strategy that will affect its workforce both in Switzerland and the USA. Novartis layoffs from its product development division is expected to streamline operations and improve efficiency. The Swiss pharmaceutical giant's layoff decision might be a part of a broader trend of 2024 layoffs impacting various sectors around the world. Layoffs in 2024 are becoming more common as companies going through changing market conditions and strategic restructuring.

As per a report of Reuters, Novartis is set to cut 680 jobs in product development. This decision comes at a time when the pharmaceutical company is facing various challenges and is a reflection of the tough decisions businesses are making to stay competitive. The layoffs in 2024 reflect a pattern of cost-cutting and restructuring within the sector and companies like Novartis is also looking to optimise their operations. Spirit Airlines Layoffs: Airline Company To Delay Airbus Deliveries and Lay off 260 Pilots To Save Cash; Check Details.

Novartis currently employs approximately 12,500 individuals in development, which includes tasks related to drug regulations, analytics and quality assurance. In the next two to three years, the company plans to eliminate around 440 positions in Switzerland and up to 240 in the United States. In Switzerland, approximately 3,000 positions are presently available, while in the United States, there are around 2,000 employees. This means about 14 percent of the current jobs from Switzerland and the USA will likely to be affected by the Novartis layoffs. Layoffs Declining? Job Cuts in Tech Startups Dip 60% Between January and March 2024, Companies Laid Off Over 2,000 Employees in Q1, Says Report.

Novartis has stated that these adjustments aim to restructure the company's capabilities and make better use of resources locally, such as data scientists and regulatory specialists in Britain. Despite these changes, the company has stated its willingness to continue development work in both Switzerland and the United States.

(The above story first appeared on LatestLY on Apr 10, 2024 10:51 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).