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.

News

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).