Recession in pharmaceutical jobs in Canada
It has shown heavy recession in Pharmaceutical jobs in Canada in second half of 2010. Around 3600 jobs were lost in last year. Pharmaceutical manufacturing in Canada, and other established markets, has been hit by recession, emerging market competition and industry-specific challenges. Lay offs and closures followed and, although there has been some market improvement, recovery has been slow.
“The recession ended more than a year ago, but the global recovery has been slow”, said Michael Burt, associate director, Industrial Economic Trends at the Conference Board of Canada.
Today recession is at it's high level that it will take several years to recover the manufacturing industry of Canada including Pharmaceutical industry. it was said that the recession has been recovered but it has not been recovered totally.
Vancouver: Canada's manufacturing companies need more customers to sell the products.
Canadian pharmaceutical profits are expected to increase slightly in 2011 but industry pressures, such as emerging market competition and governmental fiscal restraint, will continue to restrict growth.
Despite these challenges the report says the fundamentals of the pharmaceutical industry remain solid because of demand from aging populations. Innovative approaches will be needed for Canadian companies to maintain a share of this market.
“One way for companies to improve operational efficiency and product development is to make innovation an integral part of their strategies. As an example, managers need to promote innovative thinking at all levels of their organisations”, said Nycz.
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