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Layoffs at Novartis

Pharmaceutical company Novartis is laying off 2,000 workers in Switzerland and the US while adding jobs in China and India, Blooomberg reports. The bulk of the eliminations — 1,100 jobs — will be made in Switzerland with the the rest in the US, affecting a number of departments including R&D, data management, and trial monitoring. Meanwhile, 700 jobs will be created in China and India in data management and trial monitoring. The company is also shuttering two sites in Switzerland and one in Italy. Joe Jimenez, Novartis' CEO, says European austerity measures made the company reduce prices by 5 percent, leading to the cuts. The company says these measures will save it $200 million a year. Reuters notes that Novartis recently cut jobs and closed sites, including some in Britain.