Drug Discovery and Development

  • Home Drug Discovery and Development
  • Drug Discovery
  • Women in Pharma and Biotech
  • Oncology
  • Neurological Disease
  • Infectious Disease
  • Resources
    • Video features
    • Podcast
    • Webinars
  • Pharma 50
    • 2025 Pharma 50
    • 2024 Pharma 50
    • 2023 Pharma 50
    • 2022 Pharma 50
    • 2021 Pharma 50
  • Advertise
  • SUBSCRIBE

Mylan to Cut Thousands of Jobs in Global Restructuring

By Ryan Bushey | December 8, 2016

Mylan submitted a regulatory filing on Wednesday alerting the Securities and Exchange Commission it would implement a restructuring process to cut costs and streamline operations.

Part of this process will include cutting less than 10 percent of its global workforce. The company employs about 35,000 people, which means an estimated 3,500 jobs could be lost.

The generic drug-maker explained in its filing this decision was made, “after a significant number of acquisitions,” according to Reuters. The document didn’t specify details like how much this effort would cost, but the company promised to disclose more details as the plan becomes finalized.

Mylan came under government scrutiny earlier this year over high price hikes for the EpiPen allergy treatments. Heather Bresch, the CEO of the company, was called before Congress in September to testify about these price increases. The price of a two-pack of these injectors went from $100 in 2008 to over $600 in 2016.

Mylan has attempted to make amends with this controversy.

The firm announced in October it would pay over $465 million to the Justice Department to settle allegations it overbilled Medicaid for the EpiPen. Plus, it promised to launch a generic version of the device next year that will sell for $300.

Still, investors didn’t seem thrilled with the news of the restructuring efforts. Mylan’s stock sank over 5 percent in early morning trading, but slightly recovered in the early afternoon only being down 3 percent.


Filed Under: Drug Discovery

 

Related Articles Read More >

Lokavant’s Spectrum v15 uses AI to cut trial-feasibility modeling from weeks to minutes
Prime time for peptide-based drug discovery 
Why smaller, simpler molecular glues are gaining attention in drug discovery
Glass vial, pipette and woman scientist in laboratory for medical study, research or experiment. Test tube, dropper and professional female person with chemical liquid for pharmaceutical innovation
Unlocking ‘bench-to-bedside’ discoveries requires better data sharing and collaboration
“ddd
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest news and trends happening now in the drug discovery and development industry.

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Drug Discovery and Development
  • MassDevice
  • DeviceTalks
  • Medtech100 Index
  • Medical Design Sourcing
  • Medical Design & Outsourcing
  • Medical Tubing + Extrusion
  • Subscribe to our E-Newsletter
  • Contact Us
  • About Us
  • R&D World
  • Drug Delivery Business News
  • Pharmaceutical Processing World

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search Drug Discovery & Development

  • Home Drug Discovery and Development
  • Drug Discovery
  • Women in Pharma and Biotech
  • Oncology
  • Neurological Disease
  • Infectious Disease
  • Resources
    • Video features
    • Podcast
    • Webinars
  • Pharma 50
    • 2025 Pharma 50
    • 2024 Pharma 50
    • 2023 Pharma 50
    • 2022 Pharma 50
    • 2021 Pharma 50
  • Advertise
  • SUBSCRIBE