FRANKFURT, Aug 11 (Reuters) - German drugmaker Boehringer Ingelheim is seeking to cut its costs in Germany by 15 percent to increase money available for investments, a spokeswoman for the company said on Monday.
German daily Frankfurter Allgemeine Zeitung earlier said that Boehringer had imposed a hiring freeze and planned to reduce its overall headcount.
“We will look at the cost structure of every function,” the spokeswoman told Reuters.
Its headcount in Germany has grown by about 950 to 14,000 over the past year, the spokeswoman said. Now Boehringer will “enter a phase of consolidation” in which it will limit the increase, she said.
Boehringer, which had 47,500 employees around the world in 2013, is responding to changes in the pharmaceutical sector such as growing price pressure, increasingly difficult access to markets and fiercer global competition. (Reporting by Frank Siebelt; Writing by Maria Sheahan; Editing by David Goodman)