Chicago based drug giant Abbott Laboratories in a sudden move has decided to cut down 6 percent of its workforce which is expected to affect around 1,600 of its employees. Failure in launching a blockbuster drug during recent times is the reason cited by the company for this move.
Halting Efforts
On the sidelines of this announcement, the official communication from the company also said that it will stall the approval process of its psoriasis drug treatment, which the FDA and authorities believe is not safe to be introduced in the market. This is a heavy blow. In December 2010, the company also abruptly stopped working on a cholesterol control drug that was combination of some already available generic drugs on the market. Both these reversals are after millions of dollars were already devoted to these projects.
A Decade
Analysts say that drug development indeed is a complicated procedure and the average time required from conception to market introduction of any drug is 10 years. Thus, entirely blaming the bleak economic environment, restructuring, and regulatory issues is not fair. A high expense of fending off lawsuits also curbs business and makes it harder for U.S. based companies to maneuver.
Turning the Tables
During the late 90’s, a lot of companies used asbestos for various purposes. Employees exposed to asbestos develop mesothelioma, a rare type of cancer. Considering the development phase of mesothelioma, it is extremely difficult to sue the employer for intentionally exposing them to hazardous work environment. A mesothelioma lawyer can help such people in this regard. Mesothelioma lawyers study entire work history of the affected person and devise a perfect strategy that would enable the victims in getting compensated appropriately. Since the disease is non-curable and treatment extremely expensive, only a well qualified mesothelioma lawyer can turn the tables in favor of affected people.
