While predictions for the immediate future of the pharmaceutical industry are promising, with economic expansions expected over the next few years, one major company in Pennsylvania recently announced major cuts.
Not only is the pharmaceutical industry expected to grow by almost 70,000 jobs through 2020, but the market is expected to be especially bright for chemists and scientists with advanced degrees, according to Hound.com. There is what the news source calls "immense demand" for young drug chemists in the field, with their overall employment and salary levels growing faster than their peers with degrees. Higher education is working to further improve the industry's outlook, and more than 9,620 jobs were listed on one website, according to the news source.
However, growth in the industry may be harmed in the next few months as Pennsylvania-based company Teva Pharmaceutical Industries announced a reduction of their workforce by 10 percent, according to the Lehigh Valley Morning Call. About 5,000 jobs will be lost in the process as the company aims to cut costs in preparation for increased competition for one of its best-selling drugs.
This news comes on the heels of another 450 jobs cut in May, when the company announced plans to close a manufacturing plant in the West Rockhill Township in 2017.