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news.Generic drugmaker Impax has planned to eliminate 110 positions, mainly at the Hayward, California manufacturing facility, to lower its cost structure and scale the organization as per current requirements.
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Primarily affecting manufacturing operations, the company expects reduction in both personnel and other variable expenses, including the product discontinuances, to yield an annual cost savings of approximately $15.0m.
As a result of the reduction, the company expects total savings within cost of goods sold in 2013 to be nearly $10.0m.
Reduction in contracted brand sales force from 84 to 64 positions, as well as four regional sales management positions will also be carried out.
Impax Laboratories president and CEO Larry Hsu said that the company remains committed to advancing its generic and brand business pipelines and growth strategy.
"To succeed, we must decrease our costs while efficiently advancing our strategic growth priorities in both our generic and brand businesses," Hsu added.