Bristol-Myers Squibb (BMY), one of the premier pharmaceutical companies has stated that it has been considering outsourcing for quite some time as a desperate part of cost cutting and to make the company afloat. In the result it would chop 10% of its total workforce and will shut down more than half of its 27 manufacturing plants.
Bristol-Myers' strategy is to cut its worldwide work force of nearly 44,000 by about 10 percent over the next two years, shutter or sell more than half of its 27 manufacturing sites around the globe, drastically reduce the number of medicines,
compounds and other products it makes from 154 to 62, and readjust its focus to concentrate on biologically based research, developing medicines from proteins rather than from combining chemicals.
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