Swiss Drug Maker to Cut 2,000 Jobs

Posted October 25th, 2011 at 5:25 am (UTC-5)
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Swiss drug maker Novartis announced Tuesday it is cutting 2,000 jobs mainly in Switzerland and the United States, as the company looks to save hundreds of millions of dollars.

Novartis will create 700 new positions in lower cost countries. The cost reductions will be implemented over the next three to five years. The announcement was included in the company's third quarter report.

The financial statement reported a third quarter net profit increase of 7 percent, and a sales increase of 18 percent to nearly $15 billion.

Novartis has won approval for two of its new drugs. One used to combat high blood pressure was approved by the European Union. A second medicine that treats symptoms of multiple sclerosis was approved in Japan.