From Jsonline: Abbott said Wednesday it is cutting 1,900 jobs as part of a restructuring of its pharmaceutical business brought on by economic conditions and the U.S. regulatory environment. A spokeswoman said that most of the cuts - about 1,000 jobs - will be in Lake County, and the other 900 planned layoffs are positions throughout the country...
The job cuts come "in response to changes in the health care industry, including U.S. health care reform and the challenging regulatory environment," Abbott said in a statement.
Abbott is grappling with the slow recovery of the global economy as well as regulatory changes, White said.
"Frankly, it's more difficult to get products approved," White said. "This is the environment we're operating in and so we have to continue to respond in ways that protect our shareholders and strengthen the long-term sustainability of our business."
http://www.jsonline.com/business/114766444.html
Abbot Laboratories is a large pharmaceutical company in Lake County IL and like many health care companies, they are facing tough times due to Obama Care and horrible regulations regarding their business. 1,900 people will lose their jobs thanks in large part to the Federal government. And I am sure these are 1,900 good paying jobs.
On a personal note, I have a very good friend working at Abbott and I hope her job is not in jeopardy.
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