Abbott cutting 1,900 jobs; 1,000 in Illinois

[clearvision]

Chicago Tribune:

Pharmaceutical companies, long considered some of the most prolific moneymakers in American business, are coming under increased profit pressure from all sides, including generic drug companies, the new health care reform and government regulators, which have stepped up scrutiny.

On Wednesday, Abbott Laboratories acknowledged the "challenging" environment and said it would cut 1,900 jobs, largely from its U.S. operation, with 1,000 of them in Illinois.

The North Chicago-based drug and medical-product giant said the Illinois jobs will be eliminated from pharmaceutical sales, marketing and manufacturing operations and mostly will be felt in Lake County, where the company employs 13,000. Half of the Illinois workers were notified Wednesday, with the other 500 or so being let go in the next several years.

Abbott Chairman and Chief Executive Miles White blamed the layoffs on the pressure of federal regulators as well as the impact of the health care overhaul law. Increasingly, health insurers are encouraging patients to first use cheaper generic drugs before using new brand names that might not have more benefit.

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Obama pushing them under fast.

[AceRimmer]

And the wheels on the bus

Go round and round...