BUSINESS BRIEFING / PHARMACEUTICALS
Times Wire Services
Seeking to cut costs and bring new drugs to market quicker as its bestsellers go off-patent, drug maker Eli Lilly & Co. plans to eliminate 5,500 jobs over two years and reorganize into five business units.
The Indianapolis company said it would reduce its workforce nearly 14%, to 35,000 from 40,500, by the end of 2011. Lilly hopes to cut annual costs by $1 billion over that period and will organize itself into cancer, diabetes, established markets, emerging markets and animal health units.
