Bristol-Myers Squibb has revealed that it is going to cut an extra 10% of its global workforce by 2010, an expansion of a previously-announced cost-cutting plan.

B-MS is starting off the process by eliminating 800 filled or vacant posts by the end of this year and this latest move is in addition to the announcement made in December 2007 that the firm was cutting 10% of its workforce, or 4,300 positions, in a bid to achieve cost savings of up to $1.5 billion by 2010.

This latest announcement comes after B-MS announced in July that it was expanding the aforementioned cost-savings plan in order to achieve an extra $1 billion in savings by 2012. At the moment the firm employs around 37,000 people compared to 41,000 at the end of 2007.

Like several drugmakers, generic competition will soon start hurting B-MS very hard as 2011-2013 will likely see the end of patent protection for the blockbuster bloodthinner Plavix (clopidogrel), and other big earners such as the antipsychotic Abilify (aripiprazole) and the antihypertensive Avapro/Avalide (irbesartan).

In the December 2007 announcement, B-MS said that over 300 initiatives had been identified “that will enhance the company's efficiency, effectiveness and competitiveness and substantially improve its cost base”. Aside from the job cuts, the company was looking to close more than 50%” of its 27 manufacturing facilities by 2010.