Eli Lilly, a big pharma company facing generic competition to two of its top drugs, needs to rely on new medicines rather than cost-cutting to overcome the revenue loss, Chief Executive Officer John Lechleiter said.
Pfizer Inc, the world’s largest drugmaker wrestling with sales losses after its cholesterol pill Lipitor began facing generic versions, has pledged to trim $1 billion from operations in 2012. A similar focus on costs won’t be enough for Lilly, Lechleiter said. Medicines accounting for about half the Indianapolis-based drugmaker’s 2011 revenue will face copycats by June 2013.
“I don’t think we can save our way out of the enormous challenge we face,” Lechleiter said today during an interview in Boston at the annual meeting of the Pharmaceutical Research and Manufacturers of America. “The best course is to maintain our focus on advancing our pipeline,” he said.
Read the full story at Bloomberg (link no longer available)
Read: more on dealtalk in pharma, biotech, life science partnering deal news, insights and glossary
Read: Big pharma deal news- latest deal news for top 50 pharma / big pharma companies
View: Top 50 pharma – overview of top 50 pharmaceutical companies by revenue – partnering activity, deal news, partnering dealtalk
View: Current Partnering’s Partnering Scorecard – view top life science partnering deals by value
View: Current Partnering’s Deal Metrics – the latest deal trend infographics for life science deal making
View: Current Partnering’s Big Pharma Deal Making Scorecard – latest trends in big pharma deal making activity
View: Current Partnering’s Big Biotech Deal Making Scorecard – latest trends in big biotech deal making activity