Big Pharma continues to throw ballast out of the balloon in the hopes of staying aloft. The latest victim of declining fortunes in the industry is Merck (MRK), which seems to have had every drug which it submitted to the FDA this year turned down.
Merck’s cholesterol medicine Cordaptive got the thumbs down last week. Researchers are also questioning the value of its Vytorin product, another cholesterol treatment which does not seem to work.
According to The Wall Street Journal, Merck will cut 1,200 sales jobs.
There are more to come. The problems Merck has replacing drugs which are coming off-patent are getting deeper and deeper.
Douglas A. McIntyre