Ben Hirschler: Reuters via Business Report

ASTRAZENECA is cutting a further 7 300 jobs and expects earnings to fall by between 14 percent and 18 percent this year as key drug patents expire and governments in the US and Europe squeeze prices. The latest phase of cuts, equivalent to 12 percent of the workforce, would deliver an extra $1.6 billion (R12.4bn) in annual benefits by the end of 2014, Britain’s second-biggest drug maker said. It would cost $2.1bn to implement.

Zeenat Moorad: BusinessLIVE

LOCAL and global growth of the generic pharmaceutical market is set to accelerate rapidly in 2012, building on the significant momentum the sector achieved last year, according to generic pharmaceutical company. Paul Anley, CEO of Pharma Dynamics, said it was anticipated that the generics industry would experience considerable growth this year, after the average 11percent growth seen locally in 2011.

SAPA

THE function of minor maintenance at Gauteng provincial hospitals will be transferred to hospital CEOs, according to the province's infrastructure and development department. Spokesman Philemon Motshwaedi said this meant that CEOs would be responsible for purchasing material as well as managing the whole maintenance exercise for minor work of less than R1 million.

Robert Langreth: Bloomberg via Business Day

PHARMACEUTICALS maker Eli Lilly said yesterday that fourth-quarter profit declined 27 percent on plummeting sales of its best-selling schizophrenia drug, as rival Pfizer said its net income fell 50 percent. Lilly said its net income fell to $858,2m from $1,17bn a year earlier. Profit excluding one-time items was 87c a share. Lilly is investing in research to overcome patent losses since October on Zyprexa and other drugs without making a major acquisition.