Home » Employment News » Amarin to slash jobs due to competition over heart medication

Amarin to slash jobs due to competition over heart medication

By Nagasunder in Employment News, posted June 7, 2022

Amarin has announced a reduction of 40 percent in its workforce as the drug maker's fish-oil-derived heart medication faced fierce competition in America.

About 65 percent of Amarin's U.S. commercial team will be laid off as a result.

Chief Executive Officer Karim Mikhail said: "While we continue to see value in branded Vascepa in the U.S., the current operating landscape remains challenging with uncertainty related to future revenue from the U.S. business.

Last year, the United States Supreme Court declined to hear Amarin's appeal of a patent loss related to Vascepa, giving rival drugmakers Hikma Pharmaceuticals PLC and Dr. Reddy's Laboratories Ltd a victory.

In 2016, Amarin sued Hikma and Dr.Reddy's, claiming that their proposed generic copies of Vascepa would violate the company's patents.

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The loss of the U.S. patent caused a decline in Vascepa sales in the fiscal year ending December, driving Amarin's revenue down by 4 percent.

Nonetheless, the employment losses and simplified spending will help Amarin reduce operational expenses by around $100 million over the next year, supporting Amarin's objectives to increase Vascepa's acceptance in Europe and other regions.

As of December 31, the company had about 560 full-time employees across 10 countries.

Source: Reuters

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