GlaxoSmithKline to cut jobs says report

"British drug maker GlaxoSmithKline will cut thousands of jobs when it announces full-year results this week, media reports said on Sunday. The Sunday Telegraph said up to 6,000 posts would be eliminated around the world. The Observer said as many as 10,000 jobs could go - 10 per cent of the company's global work force. GlaxoSmithKline PLC spokesman Phil Thomson would not comment on the reports, but said the company had "an ongoing restructuring program". Major pharmaceutical manufacturers are facing increasing competition from generic rivals to their best-selling drugs. Like its rivals, Glaxo has already been cutting jobs to help make savings. The company aims to shave STG700 million ($A1.54 billion) off its annual cost base by 2010. Last week, rival AstraZeneca confirmed plans to slash another 6,000 jobs, bringing its total cut to 15,000. US drug maker Pfizer Inc also has cut almost 15,000 jobs in the past two years" - MSN Australia