The first half of 2023 brought job cuts to roughly 100 biotech and pharma companies. But while that may indicate an unstable employment landscape, it is not a universal trend.
Since March, appetite for life sciences talent has gathered steam. According to data from real-estate firm JLL, June 2023 had the sixth highest number of biopharma job openings of any month on record. Figures for that month were on par with peaks in 2022 and up 11% year-over-year. Job openings were lowest in February in 2023, but the volume of openings at that time was still substantially higher than most of the months from 2019 to 2020. Check out the data in the chart below.
Pfizer late Friday launched a sweeping cost-cutting initiative aiming to generate $3.5 billion in savings through 2024 as the company weathers a steep decline in the sales of its COVID-19 products. The company said the “multi-year, enterprise-wide cost realignment program” will involve layoffs, though it is still unclear how many employees will be affected.
If you find yourself a victim of these layoffs and need a consultation, it is advisable to consult with Jose Garay and he will guide you through the legal recourse available to protect you.