[Last updated, July 13, 2024] The biotech industry is witnessing a stark paradox in 2024. On one hand, there’s a group of biotech startups that are thriving, attracting nearly $3 billion in funding in Q1 2024 alone. Job openings in the sector are also considerable in several parts of the U.S., especially in the Greater…
Exploring the forces behind 2024 biotech layoffs: A visual journey
Biotech layoffs continue to pummel the industry in early 2024 — albeit at a slightly lower clip than in 2023. Smaller firms continue to bear the brunt of funding woes and disappointing clinical data. From January to February, operational reorganizations fueled 45 layoff announcements, followed closely by strategic pivots in 37 events. Other common drivers…
Novartis to cut up to 8,000 positions
Novartis AG (NYSE:NVS) has announced a restructuring plan that will result in up to 8,000 layoffs internationally, including 1,400 in Switzerland. The cuts would equate to 7.4% of its workforce. Novartis currently has approximately 108,000 employees. The Basel, Switzerland–based company aims to save approximately $1 billion in operating expenses by 2024. In April, Novartis hinted…