Pfizer braces for global job cuts

PFIZER Inc’s 1,800 plus Irish workers are bracing themselves for possible job losses, when the company announces global cost cutting measures next week, which could result in the loss of 10,000 posts worldwide.

Pfizer Inc, the world’s biggest pharmaceutical company, said it is considering job cuts as it faces the loss of patent protection on several key drugs. The company has more than 70 production units around the world.

Analysts at Lehman Brothers and Banc of America Securities said New York-based Pfizer may eliminate about 10,000 of its 120,000 posts world-wide.