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Schering-Plough to Cut 5,500 Jobs
In what CEO and Chairman Fred Hassan is calling “tough actions that are needed to respond to a tough situation,” Schering-Plough (Kenilworth, NJ) has announced plans to eliminate 5,500 jobs (10% of its workforce).
In what CEO and Chairman Fred Hassan is calling “tough actions that are needed to respond to a tough situation,” Schering-Plough (Kenilworth, NJ) has announced plans to eliminate 5,500 jobs (10% of its workforce). Their plan will reduce costs by $1.5 billion by 2012.
The announcement comes after physicians from the American College of Cardiology presented their findings on March 30 regarding cholesterol drugs Zetia and Vytorin, a major source of revenue for Schering. According to the panel, Vytorin, a combination of Zetia and Zocor, is no more effective than Zocor alone, which is available as a cheaper generic, at slowing the progression of heart disease. Zetia and Vytorin are jointly marketed by Schering-Plough and Merck & Co. (Whitehouse Station, NJ).
The problems with Vytorin began in January when Schering-Plough and Merck released the findings from their ENHANCE trial, which found that while Vytorin reduced LDL cholesterol, it had little effect on arterial plaque buildup.