AbbVie, the prescription drug spinoff of Abbott Laboratories revealed that it will be laying off several hundred cardiovascular sales reps. The fired workers will be a mix of full time sales personnel and contract workers. The reason: generic encroachment of its cardiovascular drug franchises. Among those drugs is TriCor, which began facing generic competition in November. TriCor, along with related medication Trilipix, generated $1.1 billion in U.S. sales for AbbVie last year.. Niaspan, an extended-release version of a medicine to raise HDL also will face generic competition this year It sold $911 million for AbbVie in 2012
AbbVie is shifting its focus from primary care, such as drugs that treat a patient’s cholesterol, stroke or diabetes, to so-called specialty medications in areas of unmet health needs
AbbVie is jumping on the elimination of sales personnel bandwagon and joins Eli Lilly which late last week announced that it plans to dismiss hundreds of sales reps tomorrow, a spokesman confirms. The cuts may amount to 30 percent of the companywide sales force in its BioMedicines division, which includes the cardiovascular, neuroscience and Men’s health units Likewise, last Fall, NJ-based Bristol-Myers Squibb layed off 480 sales reps.
Based on the events of the past five years, it may not be a good idea to pursue a career as a PhD-trained life scientist or a pharma sales rep! Surprisingly, however, there is a growing need for biopharmaceutical/biotechnology sales reps….go figure!
Until next time…
Good Luck and Good Job Hunting!!!!!!!!!!