Three drug majors announce lay-offs in midst of credit-crunch

Further job-cuts have been announced by three global drug majors as the economic crisis progresses. Pfizer says it will offer voluntary redundancy to 700 staff from its French workforce of 3,000. The firm says the cut-backs will affect its sales force and headquarters staff. France's Sanofi-Aventis will realign its US sales force, though it says the move will affect only 1% of its 6,500 sales staff. Lastly, the USA's Bristol-Myers Squibb has announced plans to make 10% of its employees redundant by 2010. This equates to 4,300 staff members, with 800 to go before the end of the year.