The Biotechnology Job Market: The Good, the Bad and the Ugly

Posted in BioBusiness

Regeneron Pharmaceuticals, a Tarrytown, NY-based biotechnology company, today announced plans to add 400 new employees to its fast-growing staff upon completion of two new buildings; additional laboratories and office space.  Regeneron, founded 24 years ago, recently hit its stride after receiving regulatory approval for its first big product called Eylea —a treatment for wet age-related macular degeneration—which generated $825 million in sales revenue this past year. This past August, the company received FDA approval for Zaltrap; a colorectal cancer drug that was co-developed with Sanofi.  Finally, the company has a cholesterol-lowering monoclonal antibody drug in Phase III clinical development.  Over the past six years, the headcount at Regeneron has grown from 682 to over 2,000 and the company is still hiring!

Bristol-Myers Squibb (BMS), which eight months ago purchased San Diego-based Amylin Pharmaceuticals for $5.3 billion for it diabetes drug franchise, announced today that it will close Amylin’s corporate headquarters in La Jolla at the end of next year. Employees will be given the option to transfer to other BMS locations. Those who don’t transfer will lose their jobs. At present, 420 people work at Amylin’s corporate headquarters and hundreds will likely be layed off. Before the acquisition, Amylin employed about 1,250 workers. Roughly 300 employees at an Ohio manufacturing site and about 400 sales persons have been absorbed into the BMS workforce. To date, approximately 400 Amylin employees have lost their jobs.

Three weeks ago, pharmaceutical giant Astra Zeneca announced that it was cutting 1,600 R&D jobs by 2016.  Two days later, the company announced that it would cut 2,300 additional jobs (mainly sales and administrative jobs). This brings the layoffs that the company has announced in the last 15 months to 5,050. Since 2007, the company has eliminated over 32,000 jobs.  While this may sound draconian, it is not: most of Astra Zeneca’s competitors including Merck, Pfizer, Novartis, and Bayer etc. have  layed off just as many employees during the same period.  In fact, since 2001 the pharmaceutical industry has shed well over 300,000 jobs.

Until next time…

Good Luck and Good Job Hunting!!!!!!!!!!!