Novartis' Sandoz has announced a two-stage strategic "transformation" plan, as the company better positions itself for sustainable growth in the generics market.
The organizational realignment represents the first step in a two-stage plan. The realignment includes an expected reduction of up to 900 full time employees (~7% of the global Sandoz workforce excluding manufacturing and Novartis Business Services) across all functions and regions. Included in this is the planned closure of the recently expanded Holzkirchen, Germany development center.
According to ad interim Sandoz CEO, Francesco Balestrieri, the drugmaker is looking to generate additional funding to reinvest in future growth areas, particularly biosimilars and differentiated and hard-to-make generics.
Read the press release