Nearly half of professionals working within the pharmaceutical industry fear being made redundant in the next 12 months, a new report has found.
Pharma IQ’s The Big Pharma Recession Survey 2011 revealed that 44.4% of respondents feared the axe with those working within the US and European markets believing they are most at risk.
The report, conducted at the end of last year, assessed how the global economy is directly impacting professionals working within the industry and discovered their expectations in 2012.
Unsurprisingly it found that the US and Europe are the two regions which respondents feel have been affected the most by the global economic crisis. The report found that the Emerging Markets in the east appear to be the least affected region with 7.3% of participants identifying this region as being the worst hit.
More than two-thirds of respondents (71.2%) agreed that the global pharmaceutical industry is undergoing a dramatic change due to the recession which has swept the globe. Research and development divisions have been impacted the most, 37.9% of respondents said, followed by sales and marketing (30.7%), manufacturing (11.2%), clinical (10.8%), regulatory affairs (3.6%), IT (3.2%) and distribution (2.6%).
After witnessing widespread job losses within the industry in recent years, almost half of respondents (47.5%) said that the industry is ill-prepared to deal with a double-dip recession.
But participants did expect to see an increase in outsourcing and offshoring as pharma searches for new models to combat price reductions and global austerity measures.
“All companies must remain profitable to survive and the pharmaceutical industry is no different,” said Andrea Charles, Editor, Pharma IQ. “As economic landscapes change, pharmaceutical companies must find new models for growth and profitability in 2012 and beyond.”