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Big pharma Eli Lilly CEO Says Cost Cutting Won’t Solve Drug Sales Loss

Posted on 12 April 2012

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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)

 

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