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Eli Lilly to cut 5,500 jobs

Eli Lilly and Company plans to reduce costs by £1bn and reduce the head count to 35,000 by the end of 2011

Eli Lilly and Company plans to reduce costs by £1bn and reduce the head count to 35,000 by the end of 2011.

The Indianapolis-based company says changes are needed in order to face the global challenges of the pharmaceutical industry, which include patent expiries and increased generic competition, rising costs and slowing innovation.

The company has announced restructuring plans that will save $1bn and a reduction in the global workforce, excluding strategic sales additions in emerging markets and Japan, by a reported 5,500 jobs resulting in a headcount of 35,000 at the end of 2011.

Lilly plans to establish a Development Center of Excellence, which will be led by Dr Tim Garnett and Dr Tom Verhoeven, focusing on the drug development process. This centre will use one common operating system, have one set of priorities and a singular focus on streamlining new medicine development.

Dr John C Lechleiter, chairman and CEO said: "The changes we are announcing today will accelerate the progress of the most exciting pipeline in our history, with more than 60 molecules currently in clinical development. These changes will also ensure that we meet the changing needs of our customers and operate our business in a manner consistent with an increasingly challenging environment. I have great confidence that these changes will have a very positive impact on the company's future."

Reorganisation will see Lilly move away from a function-orientated model to operating around five global business units: oncology (led by current CEO of ImClone Systems, John H Johnson), diabetes (led by Enrique A Conterno, current president of Lilly USA), established markets (led by Lilly's executive vice president of global marketing and sales, Bryce D Carmine), emerging markets(led by Jacques Tapiero, president of Lilly's intercontinental region), and Elano animal health (led by current president, Jeffrey N Simmons).

14th September 2009

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