IMS Health, a Connecticut based company that tracks data for the pharmaceutical and health care industries, says it will cut more than a thousand jobs by the end of the year.
The cuts come as part of what the Norwalk based company calls a broad based restructuring, aimed at cutting costs and increasing efficiency. The losses represent more than ten percent of IMSâ€™s worldwide workforce â€“ the company says it canâ€™t yet say where the cuts will come, but they will be across all business lines as well as back office functions. IMS Health says it expects to take a one time charge of up to 90 million dollars to implement the restructuring â€“ that will be booked in the fourth quarter of 2007.
But the company says it anticipates annual savings from the moves of up to 60 million dollars starting in 2009. A company statement said the aim is for greater simplicity, fewer management layers and faster decision making. Among other data, IMS tracks how doctors prescribe medicines â€“ information which it analyses and sells to pharmaceutical companies. IMS took a hit to its stock price last fall, as it unveiled lower than expected third quarter profits, and cut its full year guidance.