Recession Impact on our industry

Ok so I work as a PM (FSP) for a large Pharma (top 10 in US actually) and started my day today with a meeting with the VP on a call and literally informed that us that they will be shrinking the size of the US team in general as running trials in US is expensive and requires more resources than the EU counterpart and that they will be letting go people in the US (the jist of what he said if you filter the bull****). So now we are here scared what will happen next. I’m thinking if this is what one of the top Pharma is doing are there other companies and CRO who will be following? Has anyone else experienced something similar in last couple of days? Is our industry going to be affected by the upcoming recession as well?