Citing headwinds in the U.S. generic drug market, Lupin Pharmaceuticals plans to lay off more than 60 employees from its research and development team, according to The Economic Times.
Over the last few months, generic drugmakers have faced increasing pressures from intense competition and heightened political pressure to lower drug costs.
"The U.S. generic market has gone through significant changes in the last few years, and we wanted to optimize our research structure in line with our future pipeline. These cuts were necessary in line with the changes in the marketplace," a Lupin spokesperson told The Economic Times.
Lupin said it was redeploying some affected employees to other R&D projects that they are expanding.
Read the full report here.