Boston, Massachusetts-based Ironwood Pharmaceuticals, a pharmaceutical company specializing in gastrointestinal products, has announced a reduction in force affecting 35% of its workforce. Approximately 100 employees are impacted with layoffs commencing in first quarter 2021.
The layoffs were driven by a downturn in the pharmaceutical industry and the discontinuance of their drug used to treat refractory gastroesophageal reflux disease. According to published reports, the company experienced trouble with its drug trials. According to a company spokesperson, there are no products in the research pipeline pending a reevaluation of opportunities.
"Ironwood plans to implement an organizational restructuring, reducing headcount by approximately 100 full-time employees, or nearly 35% of the current workforce. This is expected to affect both field-based and home-office employees, including the relevant general & administrative support functions. Following the changes, Ironwood expects to have approximately 210 full-time employees. The planned workforce reduction is anticipated to be substantially completed in the first quarter of 2021."
"Following the changes, Ironwood expects to have approximately 210 full-time employees. The planned workforce reduction is anticipated to be substantially completed in the first quarter of 2021."
“We have made the difficult decision to re-align our resources and capital with our business moving forward. With a streamlined organization that we believe will be positioned well to deliver in this current environment, we aim to continue our efforts to maximize LINZESS and to drive further growth and profitability. There are approximately 70 million people today living with GI diseases in the U.S., and we remain steadfast in our mission to advance GI medicines and redefine the standard of care for these patients.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?