Selling drugs to Doctors just isn’t the same profitable business that it used to be.
With that in mind Eli Lilly and Co. is restructuring of its sales force which will mean the elimination of more than 1,600 positions from its U.S. sales force in July.
Those losing their jobs will have the opportunity to apply for as many as 560 sales positions within Lilly, the company said.
Those who do not find new jobs by July 15 will be let go.
Lilly is slashing its sales force because its U.S. patents on two of its blockbuster drugs—the antidepressant Cymbalta and the osteoporosis drug Evista—are soon to expire.
When that happens, cheaper generic copies of those drugs will steal their combined $4.7 billion in annual U.S. revenue.
Lilly employs a total of 17,000 workers in the United States, with 11,000 in Indiana.
Lilly has had other drugs in the past few years go off patent which has cut revenue.
No new drugs have come online to replace that income.