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Merck to cut costs by $2.5 billion, eliminate 8,500 jobs
reuters.com ^ | 10/1/2013

Posted on 10/01/2013 6:30:03 AM PDT by RoosterRedux

Merck & Co (MRK.N), taking a cue from other drugmakers that have slashed research spending to bolster earnings, on Tuesday said it plans to cut annual operating costs by $2.5 billion by the end of 2015 and eliminate 8,500 jobs.

By slimming down, Merck aims to narrow its focus to products with the best chance of winning regulatory approval and achieving substantial sales, while jettisoning research products with less likelihood of success.

The planned job cuts, representing more than 10 percent of the company's global workforce of 81,000 employees, would be in addition to previously announced cuts of 7,500 positions.

(Excerpt) Read more at in.reuters.com ...


TOPICS: News/Current Events; US: New Jersey
KEYWORDS: economy; layoffs; medicine; merck; pharmaceuticals

1 posted on 10/01/2013 6:30:03 AM PDT by RoosterRedux
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To: RoosterRedux

Obamacare!

It’ll cure what ails you, by renaming it and declaring you cured.


2 posted on 10/01/2013 6:32:25 AM PDT by GeronL
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To: RoosterRedux

Isn’t this what opponents of Obamacare warned. That drugmakers would shelf innovation and research due to the costly and burdensome regs. Of course Rooters glosses over this and ignores it.


3 posted on 10/01/2013 6:35:33 AM PDT by nhwingut (This tagline is for lease)
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To: RoosterRedux
Merck aims to narrow its focus to products with the best chance of winning regulatory approval and achieving substantial sales, while jettisoning research products with less likelihood of success.

Likelihood of success = Death Panel approval probability

4 posted on 10/01/2013 6:38:04 AM PDT by SampleMan (Feral Humans are the refuse of socialism.)
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To: RoosterRedux

8500 highly paid individuals


5 posted on 10/01/2013 6:38:43 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: RoosterRedux

Man, think of the insurance money they’ll save...


6 posted on 10/01/2013 6:39:59 AM PDT by DoughtyOne (This post coming to you today from behind the Camelskin Curtain. Not the Iron or Bamboo Curtain...)
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To: RoosterRedux
Good thing we don't need a new class of antibiotics today, otherwise the reduction in R&D spending could really be detrimental.

Countries with socialized medicine do not create new drug therapies.

7 posted on 10/01/2013 6:40:11 AM PDT by Mase (Save me from the people who would save me from myself!)
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To: RoosterRedux

Elderly, minorities and children to be hardest hit. /s


8 posted on 10/01/2013 6:41:53 AM PDT by tgusa (gun control: deep breath, sight alignment, squeeze the trigger .......)
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To: RoosterRedux

8,500 plus 7,500 16,000 more ‘Dead Beats’ to join the ranks of all the present ‘Dead Beats’. There are plenty of jobs for these people!


9 posted on 10/01/2013 6:43:51 AM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: GeronL

>> It’ll cure what ails you, by renaming it

... and by employing the simple fact that “dead people don’t get sick”.

You can bet that many of the drugs that Merck stopped working on are for debilitating but RARE diseases. No incentive... no research... no help for those suffering from it.

Thanks Barry!


10 posted on 10/01/2013 6:46:06 AM PDT by Nervous Tick (Without GOD, men get what they deserve.)
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To: Nervous Tick

They might have had a cure or effective treatment in the works for IDLE (ObamaCare renaming some cancers)! Who knows.


11 posted on 10/01/2013 6:47:36 AM PDT by GeronL
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To: RoosterRedux

More wonderful economic news in the glorious new economy.


12 posted on 10/01/2013 6:49:24 AM PDT by wally_bert (There are no winners in a game of losers. I'm Tommy Joyce, welcome to the Oriental Lounge.)
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To: RoosterRedux

Translation:

Growth seems unlikely.

Batten down the hatches to weather the storm.


13 posted on 10/01/2013 6:49:54 AM PDT by bert ((K.E. N.P. N.C. +12 ..... Travon... Felony assault and battery hate crime)
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To: Mase
" Good thing we don't need a new class of antibiotics today, otherwise the reduction in R&D spending could really be detrimental. "

Dingdingdingdingdingdingding you win the prize.

14 posted on 10/01/2013 6:53:48 AM PDT by OKSooner (What's the NCAA gonna do, suspend OSU from the first half of its first game next season?)
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To: RoosterRedux

Obamacare is death to research

Drug companies will go the way of doctors

Thre will be masses with obamacare cards and no providers

Innovative care will be GONE

For the past 10 years, medical care has been drug sales. Mds don’t want to know anything about how to cure disease or include patients in their care.

Patients wxpect drugs

Third party and govt pays.

Now govt takes over

But govt health care Medicare has been bankrupt. Now obamacare hops on. To a bankrupt system. Obama didnt ask the doctors. The doctors don’t know anything about this anyway having been socialized on a third party payer system

So doctors throw up their hands and leave. Drug companies will do the same.
That contributes to unemployment

It reduces quality of care like we haven’t seen

Instead of scrambling, people will do well to rethink it, go to pre third party payer thinking (1930s)

Exercise, eating right, fighting addiction, proper sleep, healthy social life, understanding of first aid, accident prevention

Obama, I am told by health food store denizens,
has encroached on supplement industry.

I am watching big pharm


15 posted on 10/01/2013 6:59:46 AM PDT by stanne
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To: RoosterRedux

If the o had been President rather than Teddy we’d still be dying from Malaria.


16 posted on 10/01/2013 7:06:39 AM PDT by Portcall24
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To: RoosterRedux

Well, at least we get a true example of what it means to be “decimated”. It’s most often used incorrectly.


17 posted on 10/01/2013 7:07:34 AM PDT by blackdog (There is no such thing as healing, only a balance between destructive and constructive forces.)
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To: stanne

Big pharm firms should divest their current models and go into the funeral service business.


18 posted on 10/01/2013 7:09:48 AM PDT by blackdog (There is no such thing as healing, only a balance between destructive and constructive forces.)
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To: stanne

The supplement industry is the worst. It feeds off of fear and ignorance. Modern day snake oil salesmen.


19 posted on 10/01/2013 7:12:22 AM PDT by Kirkwood (Zombie Hunter)
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To: Kirkwood

Research is im important and noting results. Big pharm does the se. The system doesn’t care about healing as much as it thrives on sick people.

Which is what pur medical system does anyway whoch is why it is flawed, sick and bankrupt and why BO Is taking advantage


20 posted on 10/01/2013 7:32:15 AM PDT by stanne
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To: RoosterRedux
. . . taking a cue from other drugmakers that have slashed research spending to bolster earnings

Next, they will stop their wristwatches and clocks to save time.

21 posted on 10/01/2013 7:44:13 AM PDT by Oatka (This is America. Assimilate or evaporate.)
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To: RoosterRedux

They know that sooner or later a single payer agency will be coming around to the pharma sector to collect it’s cut.


22 posted on 10/01/2013 7:50:22 AM PDT by Buckeye McFrog
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To: Kartographer

To here some Freepers, everyone unemployed is a dead beat.


23 posted on 10/01/2013 7:52:29 AM PDT by autumnraine (America how long will you be so deaf and dumb to thoe tumbril wheels carrying you to the guillotine?)
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To: RoosterRedux

This is a terrible thing.


24 posted on 10/01/2013 7:53:59 AM PDT by trisham (Zen is not easy. It takes effort to attain nothingness. And then what do you have? Bupkis.)
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To: RoosterRedux

Lotsa confusion here.

Big healthcare companies are a key part of globalism / new world order.

New world order cares less than nothing about individual people.

Layoffs are fine by them.

Think about totalitarian regimes.

Then think about transnational financial elites.

They are always the financial backing for “nationalized” industries, whether in the Western countries (US/UK/Europe) or third world countries.

Governments that are “in bed with” globalism are like vassals, they rule the people on behalf of globalist elites.

Most people angrily reject the idea that their government has been, in effect, hijacked.

In a two party system - they keep insisting that all their problems are the fault of “the other party”.


25 posted on 10/01/2013 10:12:15 AM PDT by PieterCasparzen (We have to fix things ourselves)
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To: RoosterRedux

The world will suffer. We were making the new drugs, because we were the only country which still had incentives for the manufacturers to take risks. Now we don’t.

SO soon, every country that already socialized their medicine will finally feel the pain of that choice, as they won’t be freeloading on our backs. Of course, we will all be dead of some drug-resistant bacterial strain, but at least we will all go together.

The hippies will be happy as the earth is returned to mother Nature.


26 posted on 10/01/2013 12:01:49 PM PDT by CharlesWayneCT
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To: CharlesWayneCT; RoosterRedux

Merck was and is a key supporter of Obamacare.

Ergo, Merck’s board of directors and top management see it as being profitable for Merck in the long run.

“Socialized” medicine would not cut them out of the business, it would guarantee their sales in a controlled marketplace where they would be one of only a few big players. The government can be billed directly, which then in turn gets funds from taxes collected from the sheeple.

The government under socialized medicine is simply used to force everyone to pay for medical products and services at whatever price levels the final surviving medical monopoly companies happen to be able to provide (competition having been eliminated), and more importantly, centralizes the debt financing provided for medical facilities and equipment. Of course, tax revenue is used to service the debt, which is labeled as government-issued or backed bonds.

We’re not moving towards being controlled by government; we’re already well on our way to being controlled by financial elites which use the government as a proxy for controlling us.


27 posted on 10/01/2013 1:13:35 PM PDT by PieterCasparzen (We have to fix things ourselves)
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