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news.Danish drug maker Novo Nordisk is planning to lay off about 1,000 employees globally in order to reduce operating costs.
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The company, which has a global workforce of 42,300 in 75 countries, said around 500 of the job cuts would be in Denmark.
Majority of job cuts will be in the company’s research and development units and staff functions at its headquarters, as well as in the global commercial organization.
The move underlines the company’s struggle to maintain better growth amid challenging competitive environment in 2017, particularly in its large US market.
Novo Nordisk president and CEO Lars Rebien Sørensen said: "We deeply regret that good colleagues stand to lose their jobs, and it has been a difficult decision to make.
"However, we have concluded that it is needed in order for us to have a sustainable balance between income and costs. In the current situation, we have to prioritise investments in key product launches that will bring innovation to patients and drive our future growth."
The company said the headcount reduction and related costs would not change the financial outlook for 2016.
In the company’s half-year results, unveiled last month, Sørensen said in the US, the market environment is becoming increasingly challenging and contract negotiations for 2017 have reflected an intensifying price competition.
Novo Nordisk markets its products in over 180 countries.