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Written By: Admin | Updated : July 6, 2013 12:49 PM IST
Pharmaceutical giant Ranbaxy is on a widespread retrenchment spree. It is estimated that the company is planning to refurbish their senior and management level executives, which roughly translates into about 400 people losing their jobs, worldwide.
According to employees some senior executives from the finance department, research and development and active pharma ingredients (API) department have been given the pink slip. The company plans to span the job cutting exercise over the next six months.
Officials said that the people who were asked to leave were those identified as surplus according to the Boston Consulting Group a global consultant that Ranbaxy employed to assess whether their verticals were optimally staffed and to suggest measures to improve productivity.
It is unclear if the job cuts are linked to Ranbaxy's prolonged troubles with the US Food and Drug administration (FDA). However, rumours of the company sacking old hands of the company (people employed before 2006) were rife after Arun Sawhney, CEO, Ranbaxy Labs, had said that he would be surprised if there would be anyone from 2006 in the senior management panel of the company.
Ranbaxy has been through a number of uphill battles in the last five years, after the USFDA unearthed problems at three of the Indian manufacturing facilities, the company promised to make the requisite changes and was back on track, in December 2011. Ranbaxy then pleaded guilty to seven criminal and civil charges, including falsification of data and marketing adulterated drugs in the US.
According the pharma sources, Ranbaxy is simply responding to a growing trend of taking out the old and bringing in the new.
