Novo Nordisk's 'Club 5,000': Inside the Layoffs Shaking Denmark

Novo Nordisk faces significant layoffs, impacting 5,000 jobs in Denmark as it implements cost-cutting measures to stay competitive in the global obesity drug market. The community of affected employees, dubbed 'Club 5,000', shares job tips and organizes gatherings. The layoffs highlight the pressure on the new CEO to protect profitability amid falling share prices.

Novo Nordisk, the Danish pharmaceutical giant, is undergoing significant restructuring with 5,000 jobs in Denmark on the line. The company aims to cut costs and boost competitiveness against Eli Lilly in the obesity drug market. Dubbed 'Club 5,000,' affected employees are uniting online to share support and resources.

The abrupt mass layoffs have caused concern among current and former Novo Nordisk staff, as well as economic analysts. Sources report a rapid pace of dismissals, with the company incentivizing completions before Denmark's 'potato week' holiday. Severance packages are said to be generous, but criticism over the selection process persists.

The layoffs appear to be a move to maintain profitability following a substantial drop in Novo's share price. New CEO Mike Doustdar faces the challenge of re-positioning the company while managing reduced workforce capabilities in key areas like manufacturing and quality assurance.

(With inputs from agencies.)