Bayer CEO Says Labor Costs Will Increase Next Year

By BLOOMBERG / Pic by AFP

Bayer AG’s chief executive officer said labor costs will increase next year, as global pharmaceutical companies grapple with their supply chains. 

“We’ve seen there’s quite a bit of cost pressure that has come to us, driven by the fact that supply chains have not been as stable as they used to be pre the crisis,” Werner Baumann said in a television interview at the Bloomberg New Economy Forum in Singapore.

“For sure labor costs increase,” starting in 2022, he said. “We’ve seen very low, single digit increases over the last few years, I think it’s going to be a little bit higher.”

The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.