“We’re looking at ways to expand,” Joe Jimenez, CEO of Novartis, told Trump. “One of the things that can help us is a lower tax rate.”
Novartis is well known as a global player that doesn’t leave a stone unturned when it comes to finding new efficiencies. That cost-cutting spirit drove an R&D overhaul last year, and new programs aimed at doing everything the Swiss company can do to hold the line on costs. That approach has had a big impact on employment.
Novartis counts FTEs. At the end of 2016 they employed 118,393, 23,037 in the US and 55,205 in Europe. Five years earlier, the score was 123,686 total and 27,242 in the US. The cuts were clearly aimed at its US staff....Read the whole thing - you'll either laugh or cry or perhaps you'll do both.
(In all seriousness, there is something a little strange about President Trump asking pharma folks to bring manufacturing jobs to the United States, i.e. API plants don't seem to me to be all that labor-intensive. (That said, those jobs tend to have a pretty decent median wage.) Who knows?)