Pfizer Plans to Cut 500 Jobs in Cost-Cutting Move Amid Slumping Sales of COVID Vaccine
Pfizer, a leading pharmaceutical company, is set to undertake a workforce reduction, affecting approximately 500 positions at its Sandwich, Kent site.
This move is part of the company’s broader initiative to significantly cut costs, amounting to a £2.8 billion program, which was previously announced. The decision involves discontinuing the pharmaceutical sciences small molecule (PSSM) operations at the Kent location, impacting nearly half of the current 940 employees.
The restructuring follows Pfizer’s response to lower-than-expected sales of its Covid vaccine and treatment, prompting the need for cost-saving measures. As part of the company’s commitment to maintaining a scientific presence in the UK, it clarified that functions other than PSSM operations at the Sandwich site will continue with a different size.
A spokesperson for Pfizer addressed the situation, stating, “The company has made the difficult decision to propose a discontinuation of our PSSM operations at Sandwich, Kent, impacting approximately 500 roles. Under the proposals, other functions at our Sandwich site will continue with a different size.”
The statement also emphasized Pfizer’s pride in its history of breakthrough science in the UK and assured that a scientific presence would be retained in the country, citing the Discovery Park location in Sandwich.
The proposed job cuts are currently in the consultation phase with the affected colleagues, indicating a thorough and inclusive decision-making process. The development reflects the pharmaceutical industry’s adaptability to market dynamics and the strategic measures companies take to navigate challenges.
