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Drugmaker Eli Lilly has announced that it would lay off about 8 percent i.e, 3500 of its employees as it has suffered setbacks over the past year in the development of two potential blockbuster drugs, works to cut costs. The job cut is expected to result in yearly savings of about $500 million, beginning in 2018.

As of June, Lilly had 11,312 workers in Indianapolis, company officials said.
About 2,000 of the job reductions will come in the United States, many through a voluntary early retirement program that the company will offer this fall, said Lilly Chairman and Chief Executive Officer David A. Ricks.

Eli Lilly and Co also points out that it will be closing down several sites as part of its efforts to reduce costs. This includes its facilities in Larchwood, Iowa, Bridgewater, N.J., and the Lilly China Research and Development Center in Shanghai.

While Ricks said he could offer no promises that the future will not hold additional layoffs beyond the 3,500, he said that the company had debated whether to achieve the needed reduction through a series of small changes or all at once. The company opted for the latter. At the same time the company is streamlining

certain areas of its workforce, it is hiring in other areas, such as research and development, he said.

“As you know, with our company we have come out of a difficult period in the early part of this decade and are now entering a period of growth and strength,” Ricks said in an interview. “At the end of the day a healthy and strong Lilly is great for our community and these actions will allow us to invest in growth for the future that makes the company healthier and stronger.”

Other lost positions will come from anticipated workforce reductions, including site closures. The company will move production from its animal health manufacturing facility in Larchwood, Iowa, to an existing plant in Fort Dodge, Iowa.

“The actions we are announcing today will result in a leaner, more nimble global organization,” Ricks said in a statement, “and will accelerate progress towards our long-term goals of growing revenue, expanding operating margins and sustaining the flow of life-changing medicines from our pipeline.

“We have an abundance of opportunities — eight medicines launched in the past four years and the potential for two more by the end of next year,” he added.
Faced with expiring patents on a number of its medicines, Lilly has been focused on diabetes drugs, which account for three of its 10 top-selling products. Its biggest seller is insulin. But intense competition from a flurry of new treatments in that market has helped drive down prices and profits.

It is also worth noting that the job cuts come as the pharmaceutical industry has been criticized by President Trump for moving operations and manufacturing personnel out of the U.S. Lilly chief executive David Ricks, in fact, was among several executives who met with Trump earlier this year and maintained the company was hiring manufacturing workers.

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