FRONT PAGE: Subsidiaries of pharma MNCs brace for global economic chill.

from BUSINESS LINE, October 29, 2008 Mumbai, Oct. 28 - When the cold wind blows, one has to think of how to deal with it, says Novartis India's chief Mr Ranjit Shahani, of efforts taken by Indian arms of multinational drug- majors, as they brace themselves to tackle the tough economic environment facing their parent companies in ovserseas markets.

Last week, Novartis announced its decision to lay off 300 of its field-force. In the past, Pfizer had stated it would reduce employee strength by about 10 per cent of its global workforce in 2008; and GSK had announced its reduction of 850 research and development staff in the US and UK - just a snapshot of the economic chill …