Job Cuts at Bristol Myers Squibb

David Moscovitz, an analyst with Caris and Co. probably sums it up best when he says "Unfortunately, for drug companies it's come down to trying to reduce costs in reaction to difficulty they're having developing and successfully launching new products, and also dealing with generic competition in a healthcare system that values cost management more than innovation."

Reuters reported recently that BMS plans to further trim its global workforce by 10% - this is on top of the 10% reduction announced in Dec 2007.

Lemme see if I've got my math right - 90% of 90 % = 19% of BMS staffers are in the job market soon-ish.

For a company that employed 43,000 before the 2007 announcement, thats quite a significant number.

Here's the Reuters story (http://www.reuters.com/article/ousiv/idUSTRE4BF7KL20081216)

- oRiOn