Pfizer (PFE) plans to close all its remaining retail outlets in India in the coming days after it was hit by the global pharmaceutical group Pfizer.
The world’s largest pharmaceutical group said on Monday that it will lay off some 6,000 workers in India, including those at its offices in New Delhi, Mumbai and Bengaluru, in an effort to cut costs.
The company has also slashed prices across the board and plans to raise wages by 15 percent, according to the company.
The announcement comes a day after Pfizer announced a major restructuring plan aimed at lowering costs and diversifying its portfolio of branded pharmaceutical products.
The deal is a key piece of the company’s restructuring strategy, which aims to reduce its dependence on Pfizer, which is the biggest pharmaceutical company in the world by revenue.CEO of the India-based pharmaceutical group, Akshay Bhattacharya, said that the company plans to cut its workforce by up to 15 percent in India by the end of 2019.
Pfizer, the world’s second-largest pharmaceutical group by revenue, has struggled to maintain its competitive position in India with a growing number of generics companies entering the market and competition from the likes of Pfizer and AstraZeneca.