AstraZeneca to shed 8000 jobs

AstraZeneca plans to save costs by cutting 8,000 jobs worldwide over the next five years and outsour

This is on top of the 12,600 job cuts already announced by the Anglo-Swedish drugs major.

AstraZeneca has many R&D sites in the UK, collectively employing about 11,000 people out of its global workforce of 65,000.

Analysts expect about 1,500 jobs to be lost in the UK in the company's cost-cutting drive aimed at reducing operating costs by about £1.2 billion.

Company CEO David Brennan said AstraZeneca would start outsourcing more of its R&D, with the sales and marketing arm bearing the brunt of the job losses.

"As the majority of our employees are in the UK, the US and Europe, you could expect more job cuts there", he said.