Novartis India Ltd (NIL) has entered into an exclusive sales and distribution agreement with Dr. Reddy’s Laboratories for a few of its established medicines, which includes the Voveran range, the Calcium range and Methergine.
The move to bring together the manufacturing and development synergies of NIL with the sales and distribution strengths of Dr. Reddy’s will result in around 400 Novartis employees losing their jobs.
“This strategic business decision is leading to the separation of approximately 400 employees of Novartis India Ltd due to role redundancies. We understand the implications of this difficult decision on those impacted and their loved ones and we are extending a severance package along with outplacement services,” Novartis said in a release.
