The pharmaceutical industry, once seen as a secure career path, is going through a massive shake-up. Layoffs, restructuring, and shifting priorities mean many pharmaceutical and medical professionals.

If you work in pharma, this affects you. Whether you’re staying put, preparing for change, or already looking for your next role. Now is the time to take control of your financial future.

This blog post explores the current landscape of redundancies in the pharmaceutical sector and its impact on staff.

The Rising Tide of Layoffs

In 2024, the biotech and pharmaceutical industries witnessed a substantial increase in workforce reductions. At least 86 companies disclosed layoffs affecting over 15,000 employees.

These numbers represent a 3% increase in layoff rounds compared to 2023, with Big Pharma companies reporting a staggering 281% increase in workforce reductions.

Factors Driving Redundancies

There are several reasons why redundancies are rising in the pharmaceutical industry. Many companies are shifting their focus to more profitable areas, meaning some roles are no longer needed. Clinical trial failures have also played a role, as unsuccessful trials result in financial losses and cost-cutting measures.

Mergers and acquisitions have led to job cuts as companies restructure and eliminate overlapping positions. 

How to Take Control of Your Career and Finances

Whether or not you are directly affected by job cuts, now is the time to prepare for any career changes that may come your way. 

Here are a few key steps to secure your future:

  • Stay informed about industry trends and your company’s financial position.
  • Keep your CV updated so you are ready for new opportunities.
  • Expand your skill set to stay competitive in a changing job market.
  • Network strategically both inside and outside your organisation.
  • Get financial advice to ensure your pension and savings are in order.

If redundancy happens, being prepared will allow you to act quickly rather than feeling overwhelmed.

Plan for Your Future with Q Financial

At Q Financial Advisors, we help pharmaceutical professionals take control of their financial future. Whether you are facing redundancy or want to review your pension and savings, our team can provide expert advice tailored to your situation.

We can help you:

  • Understand how auto-enrolment in 2025 will affect your pension.
  • Review your pension and investment options.
  • Create a financial plan to secure your future.

📞 Get in touch today.

👉 Book a Free Consultation to discuss your financial future with one of our advisors.