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Home Industry News Procter and Gamble to move out of early-stage drug research, cut jobs

Procter and Gamble to move out of early-stage drug research, cut jobs

22nd February 2006

Procter & Gamble (P&G) is getting out of early medication research and development, and is cutting 300 jobs.

The bulk of the jobs will be lost at its Health Care Research Centre (HCRC) in Mason, Kansas, ten per cent of the 2,560 currently working, but positions will also go in London, Toronto and New York.

Local newspaper Kentucky Post reported that the firm wanted to abandon early drug development and instead allow smaller biotech companies to undergo research, buying up compounds which are four to six years away from commercialisation.

Spokesperson Tom Millikin told the paper: “It’s really P&G leading a new trend in the pharmaceutical industry.” Mr Millikin claimed that the move would allow the firm to bring life-enhancing drugs to market far quicker, and denied it was a cost cutting move.

P&G will also now concentrate on three drug genres; muscular-skeletal compounds which can treat and prevent osteoporosis, gastro-intestinal drugs and women’s health treatments such as post-menopausal drugs.

The HCRC also acts as the headquarters for its dental and non-prescription health care businesses. Job cuts should be completed by June.

track© Adfero Ltd

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