Bayer Cuts Workforce

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German drugmaker Bayer has announced that as part of its recently completed acquisition of local rival Schering AG , it will be reducing its workforce by 6,100, with 3,150 of these jobs being lost in Europe. This is the latest example of the trend towards restructuring that is sweeping the drug industry. As the operating environment intensifies, multinational drugmakers are looking to cut costs as a way of maintaining profit and growth targets.