More than 500 jobs are to be redundant in Kent as the giant pharmaceutical firm Pfizer plans to shift to India and the US as a part of a company-wide cost-cutting program.
In an interview, Pfizer revealed that it plans to end its pharmaceutical sciences small molecule (PSSM) operations at its Sandwich site, which has roughly 940 employees.
Pfizer had to take these steps after lower-than-expected sales of its COVID-19 vaccines and their treatment.
The affected staff will be announced on Tuesday and plans to complete it within the next 45 days, as per a Pfizer staff member working in the PSSM department.
The department would be shifted to Chennai, India, and Connecticut in the US.
It was thought that only 20% to 30% of the staff would be redundant instead of the entire department.
A spokesperson for Pfizer commented that “various areas of Pfizer’s global enterprise are making changes to operate more efficiently and effectively.”
“These changes will be implemented on a rolling basis and will differ (from) area to area.”
“More information around this global program will be shared over the coming months and as part of the full-year guidance for 2024.”
Last month, Pfizer announced it cut down $3.5 billion (£2.8 billion) on jobs and expenses and also its revenue forecast by 13%.
Last year, it managed to report record revenue due to its COVID-19 vaccine with the collaboration of BioNTech, a German biotech company.
- Published By Team Timeswire