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IMS Announces Layoffs for 2008
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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 IMS’s worldwide workforce – the company says it can’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 – 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 – 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.