Generic competition and the FDA's slowing pace of approval for new drugs are making it tough for pharmaceutical companies to increase revenues. Instead of sitting on their hands, the companies are cutting expenses so earnings can grow faster than revenues.
A lot of the now-unemployed sales reps were probably pushing Wyeth's heartburn medication, Protonix. The drug is receiving generic competition from Teva Pharmaceuticals
The new leaner Wyeth -- and Amgen
Now if only the industry could figure out how to speed up the FDA.