The pharmaceutical world at least. With Pfizer buying out Wyeth and Roche launching a hostile bid for Genentech, the question on many people's minds is - is this the shape of things to come? These are not small biotechs being snapped up, but major companies. The Pfizer-Wyeth combined organization will be one of the biggest pharma companies in history, with 15 products worth about $1 billion in annual revenue.

Pfizer's previous acquisitions of Warner-Lambert in 2000 and Pharmacia in 2003 sparked criticism within the industry because of brutal staff cutbacks, which led to virtually no performance gain. Pfizer CEO Jeffrey Kindler, who took over the top job in 2006, insists it will be different this time, and that layoffs can be carried out without affecting productivity and morale.

Pfizer's move was prompted by the upcoming expiry of its blockbuster Liptor in 2011, and the stiff competition it will face from generics. With most other big drug companies in the same position, we can expect more upheaval in the near future.