Glaxo Optimistic on Employment – Medical Jobs

Drug and household product giant Glaxo SmithKline has indicated that it was expecting to have a net increase in UK jobs over the next two years, despite the current economic outlook.

The company had earlier warned European governments to cease price cuts on medicines which would stunt the research and development of new drugs on the continent.

They warned that austerity drives across Europe have seen medicine prices cut by more than seven per cent and it announced moves to overhaul its European business to cope with difficult trading conditions.

The firm has headquarters in the UK and employs around 15,000 people nationwide, with a further 23,000 staff across Europe.

Third quarter sales slumped nine per cent in Europe, largely as a result of government cut backs, which hindered the wider group performance, with overall sales down by five per cent to £6.5bn.

Glaxo said that while it hoped better performances in emerging markets and Asia would see a return to sales growth in the fourth quarter, the worse-than-expected conditions in Europe will mean full year sales are likely to remain flat against previous forecasts for an increase of around two per cent.

The company announced a 13 per cent fall in operating profits to £2bn in the third quarter.