Denmark-based insulin giant Novo Nordisk has announced it will cut 1,000 jobs as part of a plan to reduce costs.
The majority of the cuts will come from R&D and staff functions at its Bagsvaerd headquarters. About 500 of the jobs lost will be in Denmark, the company estimated. The cuts will also affect the drugmaker's global commercial organization.
Novo is facing an increasingly challenging operating environment in the U.S. as payers become more selective about the drugs included in coverage plans and generics force drugmakers to cut prices.
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