Merck – Near 7,290 positions eliminated

Pharmaceutical giant Merck & Co. (MRK) has slashed more than 85 percent of the positions targeted for elimination under its 2013 restructuring plan, Gen News reported this morning.

Merck has eliminated “approximately 7,290 positions” since the restructuring plan was announced, the company said in its 10-Qc filing. The positions include full-time employees, independent contractors and vacant positions.

In 2013 Merck targeted $2.5 billion in cuts in annual operating expenses by the end of 2015. At the time the cuts were announced, Merck Chairman Kenneth Frazier said the initiative to sharpen the company’s commercial and research and development programs “will make Merck a more competitive company, better positioned to drive innovation and to more effectively commercialize medicines and vaccines for the people who need them.” Merck officials expect the majority of savings from the implementation of the initiative will come from marketing and administrative expenses and research and development.

During the first half of 2015 Merck has eliminated 1,195 positions, the company said. Positions eliminated were from multiple departments and divisions, including research and development, sales and administrative.

Chosen excerpts by Job Market Monitor. Read the whole story at Merck & Co. Has Eliminated More Than 85% of Jobs Targeted in Its 2013 Restructuring Plans | PharmaLive.