SUGAR LAND, TX -- (Marketwire) -- 06/30/11 -- Researched by Industrial Info Resources (Sugar Land, Texas) -- Over the past two years, the Pharma-Biotech Industry has certainly not been immune to the fiscal pain of the global economic pinch. Within this segment, there have been thousands of employee layoffs, declining revenues, key patent expirations, increased outsourcing, decreased governmental reimbursement, increased competition, strategic mergers and plant closures. Although the closing of a plant is usually seen as a harbinger of bad things to come, the Pharma-Biotech Industry is simply going through a market and strategy adjustment, and becoming fiscally lean enough to handle the competitive environment with less reimbursement and greater competition.
GlaxoSmithKline (NYSE:GSK) (Brentford, England) is in the process of divesting itself of many of its over-the-counter (OTC) product lines and will be closing and selling plants, while Pfizer Incorporated (NYSE:PFE) (New York, New York), with the acquisition of Wyeth, is cutting 6,000 jobs.
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