Things are changing in the pharmaceutical industry. Not so long ago, drugmakers could count on being able to churn out new products and charge higher prices. But those days appear to have passed.
Although productivity may be bouncing back -- the Food and Drug Administration approved 31 new drugs in 2004, up from 17 in 2002 and 21 in 2003 after hitting 53 in 1996 -- the pricing issue looks more vexing. With huge companies like General Motors
The planned restructuring is not the first sign that Wyeth is adjusting to new circumstances. Back in 2003, the company agreed to outsource its clinical-data management to Accenture
Of course, Wyeth is not the only company in its sector making changes. Eli Lilly's
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Fool contributor Brian Gorman is a freelance writer in Chicago. He does not own shares of any companies mentioned in this article.