More pharma R&D budget cuts

GlaxoSmithKline (GSK) and Pfizer are both following AstraZeneca's lead in cutting their research and development budgets.

Following its acquisition of Wyeth in 2008, Pfizer has said it plans to reduce its R&D budget from the $11 billion (£7 billion) that the two companies jointly spent in 2008 to between $8 and $8.5 billion by 2012. Meanwhile, GSK has said it wants to shave £500 million from its costs by 2012 - with half of those coming from cuts to its R&D budget.   More...

http://www.rsc.org/chemistryworld/News/2010/February/04021001.asp