Novo Nordisk have announced that it will lay off 400 employees China and Denmark. The decision was made in order to invest in biological and technological innovation.
According to the diabetes drugmaker, this is not meant to be a cost-cutting measure and in fact, its R&D budget will be even larger next year. Novo’s chief science officer Mads Krogsgaard Thomsen also said that it had a surplus of manual labor but were lagging in the digital sphere, informatics, data science, artificial intelligence and automation.
The company will increase investment in innovation in core therapy areas and beyond.
Read the Reuters report