Drugmaker Eli Lilly & Company announced it will elimate 5,500 jobs over a two year period and hopes to cut annual costs by $1 billion.
From Marley Seaman, the Associated Press:
NEW YORK — Seeking to cut costs and bring new drugs to market more quickly as its best-sellers go off-patent, drugmaker Eli Lilly & Co. said Monday it will eliminate 5,500 jobs over two years and reorganize into five business units.
The Indianapolis company said it will reduce its work force by nearly 14 percent, to 35,000 from the current 40,500, by the end of 2011. The new total excludes hirings in high-growth emerging markets and Japan.
