Novartis Turkey foresees flat sales and job cuts in 2011.

By bne IntelliNews January 31, 2011
Head of drug maker Novartis Turkey, Guldem Berkman, told Reuters that the company foresees no change in its annual turnover in 2011 and estimates a sales volume of USD 800mn as a result of governments two drug price reductions in Dec 2009 and Nov 2010 totalling to 30% decrease in the price of original drugs. Berkman adds that the company laid off 100 workers and job cuts in the sector totals to 2,000 in 2010. The sector as a whole lost 20% of total revenues in 2010 and Novartis targets to increase its market share 1 basis point this year from 8% in 2010 despite the flat sales expectations, Berkman asserts.
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