Drugmaker Eli Lilly Eliminates 2012 Pay Raises In Cost-Cutting Move

Anyone employed in the pharmaceutical industry knows it's been a tough few years for large drug companies. With few new blockbuster drugs coming down the pipeline and patents expiring on the current crop of profitable ones, many well-known drugmakers have taken strong medicine to cut expenses, including merging with competitors, consolidating operations and laying off scores of workers.

At Eli Lilly & Co., austerity arrived this year in the form of pay freezes. In a recent regulatory filling, the Indianapolis-based company disclosed that at its operations in most countries employees won't receive raises, Pharmalot reports.