Drug industry layoffs

Since Pfizer's last quarterly investor teleconference, a steady trickle of news-releases from large pharma companies has hinted that the second half of 2008 will be a tough one for a lot of pharmaceutical industry employees. JnJ, BMS, AZ, SP, all have announced plans for workforce reduction.

Pfizer, the world's biggest drug company, is eliminating 10,000 jobs, 10 percent of its work force. Merck is shedding 7,000 jobs, AstraZeneca (NYSE:AZN) is slashing 7,600 positions, Schering-Plough has furloughed about 1,100 manufacturing workers and Bristol-Myers Squibb will cut an unspecified number of jobs by year's end.

While there is nothing good about layoffs in general, demand for new employees continues to be strong, especially in Oncology and other specialty areas. But that could change quickly if the economy goes south and stock market tanks.