MONTREAL, QC – Citing pressures related to pricing, regulatory and market instability, Pharmascience Inc. says it is going into restructuring mode and cutting about 90 positions at its Montreal head office.
“This has been a difficult decision for us. We have always been deeply committed to our employees and are extremely grateful for their hard work and dedication over the years. We could not have built this company without them,” said Dr. David Goodman, CEO of the company.
A generic drugmaker, the company currently ranks as one of the largest pharmaceutical employer’s in Quebec with over 1,500 employees. It makes more than 2,000 generic, over-the-counter and other prescriptions drugs, including 45 million that are filled annually in Canada.
A number of external factors, such as pricing and regulatory pressures have recently led to increased market instability; mainly in Quebec, the rest of Canada and globally. The company said, “it had no choice but to adjust to this new business reality to ensure the growth and sustainability of its business.” Pharmascience maintains it will closely review major new investments in Canada until further market clarity and confidence are re-established.
In the interim, the company hopes these changes will allow it to retain a competitive edge and remain an industry leader. “I am confident that we have the right team and the right plan to sustain our long term growth and success,”,said Dr. Goodman
Founded in 1983, Pharmascience has experienced constant growth since it was established more than 30 years ago, and has continuously innovated over the years to expand its business and solidify its presence in Canada’s pharmaceutical industry and globally. This is the first major layoff in the company’s history.