Cost-saving cuts will help ‘accelerate the pace of innovation’, company claims
Healthcare giant Johnson & Johnson plans to eliminate around 3000 jobs from its medical devices operations. The cuts represent approximately 2.5% of the company’s global workforce, or 5% of the medical devices segment.
The redundancies will come from orthopaedic, surgical and cardiovascular device areas, while consumer medical devices, vision and diabetes businesses are unaffected. The company says it is restructuring to focus on areas in which it can be the number one or two player. The changes are intended to streamline its operations and ‘accelerate the pace of innovation’, while saving the company a projected $800 million (£560 million) a year.