Ouch! Merck Issues Grim Diagnosis of Unemployment to 15% of Employees

SUGAR LAND--July 15, 2010--Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas)--For decades, landing a job in the Pharmaceutical & Biotech Industry was like grabbing the golden ring in terms of pay and benefits. Once employed, most would opt to stay, unless to leave for an even more lucrative position with a competitor. This philosophy held true across the board, from production workers to the once-pervasive pharmaceuticals sales force. Unfortunately, for tens of thousands of industry employees, staying is no longer an option. The latest blow for up to 16,000 people came when Merck & Company Incorporated (NYSE:MRK) (Whitehouse Station, New Jersey) announced that it is cutting its workforce by another 15% during the next 24 months.