Novartis' net 150-job cut shows shift to biotech

The shift of Swiss pharma giant Novartis (NOVN: VX) towards the new-age end of biotech has been made evident in an announcement to cut 500 jobs and create 350 others.

While the 500 posts being cut in the Basel region over the next 18 months are in traditional production, administration and development, the 350 new ones are ‘high-tech’ roles in Switzerland’s scientific sector, Novartis announced on Thursday.

The group, which employs around 118,000 people globally, said the changes were part of the transformation of its core operating model aimed at stimulating innovation and improving the quality and effectiveness of its global activities.