Novartis plans cutbacks to reduce red tape
Novartis' chief executive, Daniel Vasella, says that the firm plans to undertake significant restructuring in an effort to reduce bureaucracy. In an interview with the Wall Street Journal, Dr Vasella said that the Swiss drug major must become more streamlined in order to handle new challenges facing the pharmaceutical industry.
Dr Vasella said that the plans would involve jobs losses on top of those previously announced by the firm (Marketletter October 29), but declined to say how many.
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