By Julianne Pepitone, CNNMoney.com staff reporter Updated: September 14, 2009Eli Lilly and Co. will cut 5,500 jobs as part of a restructuring plan to save $1 billion, the drugmaker said Monday.
The job cuts will be complete by 2011, according to a press release. Eli Lilly (LLY, Fortune 500), based in Indianapolis, currently employs 40,500 people.
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"We remain confident that continued focus on medical innovation is the best way to ensure the long-term growth of our company," said chief executive John Lechleiter, in a written statement.
The pharmaceutical industry "is facing unprecedented challenges," according to Lechleiter, who cited "slowing innovation, rising costs, patent expiries and increased generic competition, demands from payers to deliver greater value, and health care reform."
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In addition to universal pressures on pharma, Lilly also "faces .. its own challenges," the release said, including patent expirations for some of its main products beginning in late 2011.
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