October 13, 2016 - 2:06 PM
MONTREAL - Pharmascience says it's eliminating about 90 positions in Montreal as pricing, regulatory pressures and market instability are also forcing the generic drugmaker to review major new investments in Canada.
The company said the restructuring announced Thursday will improve its competitiveness and operating efficiencies in the face of challenges mainly in Quebec, but also in the rest of Canada and globally.
Pharmascience says it has no choice but to pursue its first major layoff in the company's history in order to ensure the sustainability of its business that has grown constantly since founding in 1983.
The company announced more than a year ago a plan to invest $55.7 million to modernize its research and development facility and increase production capacity, a move that was expected to create 65 jobs.
Pharmascience says it's Canada's 10th largest pharmaceutical company and the largest pharmaceutical employer in Quebec with more than 1,500 workers.
It makes more than 2,000 generic, over-the-counter and other prescriptions drugs, including 45 million that are filled annually in Canada.
News from © The Canadian Press, 2016