LONDON AstraZeneca is planning to outsource its entire drug manufacturing activities within 10 years. The goal of the company according to executive vice-president of operations David Smith is to become a pure research, development and marketing organization, the TimesOnline reported.
The company is attempting to cut costs in connection with the money it believes it will lose when patents of its drugs start expiring over the next five years. Over that period of time, the company is set to lose 38 percent of its revenue due to the loss of patents to Arimidex, a breast cancer drug, Seroquel, a schizophrenia drug, and Symbicort, an asthma medicine.
The company has 27 manufacturing sites in 19 countries and plans to cut 7,600 jobs.