Japan to cut drug prices by 5.2 pct in 2008: source
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Japan will order drug prices to be cut by an average 5.2 percent in its latest review, a government source said on Tuesday, along with more steps to promote generic medicines in a double blow for branded makers.
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Annual inflation in drug costs is at the lowest rate in three decades as generic versions of some of the most common drugs have recently come on the market.
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Japan's NEC Corp. (6701.T) said on  Tuesday that it now expected to ship 5.5 million mobile phones  in the year to March 2007, down 8 percent from its previous  estimate of 6 million phones.
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Glaxo expects that the impact of lower sales of its diabetes drug, Avandia, will help cause a drop of about 5 percent in earnings a share in 2008.
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Japan's Nikkei ended down half a percent  on Friday as caution set in ahead of U.S. jobs data and banks  and drug firms succumbed to profit-taking.
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AmerisourceBergen Corp. (ABC.N: Quote, Profile, Research) on Wednesday lowered its fiscal-year earnings forecast because of lower-than-expected drug price increases, fewer product deals
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Japan Airlines said it would cut 4,300 employees, or about 8 percent of its work force, by March 2010 as part of its four-year business plan intended to improve profits. The company, which is based in Tokyo, reported a loss for the most recent quarter and is still struggling to regain customer confidence after a spate of safety lapses in recent years. The company reported a loss of 10.8 billion yen ($89.9 million) for the October-December quarter, slightly less than the 11 billion yen loss it recorded for the period in 2005. Sales rose 4.9 percent, to 584.1 billion yen ($4.9 billion). Cargo traffic from Japan to China was strong, but traffic to the United States was weak in the latest quarter.
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The biggest Japanese automakers earned an average $2,400 more per vehicle sold in North America than U S -based rivals in 2005 by charging more and spending less on labor and health care, according to a study released yesterday.
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Japan&#39;s Cabinet authorized a national spending plan for next fiscal year to cut the budget deficit by 6 percent to curb expansion of the world&#39;s largest public debt.
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Indianapolis-based pharmaceutical firm says it will also close a research facility in North Carolina in effort to reduce drug prices.
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Switzerland's Novartis AG will slash 2.5  percent of its global workforce, aiming for annual savings of  $1.6 billion in 2010, becoming the latest major drugmaker to  undertake a deep restructuring.
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Cardinal Health, the drug wholesaler, said Monday it would cut 4,200 jobs, or 7 percent of its work force, and close 25 manufacturing and distribution locations as part of a plan to reduce costs.
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The worldÂs largest drug company said that it would lay off almost 2,400 employees in what may indicate a wider retrenchment of the drug industry.
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Switzerland's Novartis AG will slash 2.5 percent of its global workforce, aiming for annual savings of $1.6 billion in 2010, becoming the latest major drugmaker to undertake a deep restructuring.
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TAMPA, Florida  - Wal-Mart Stores Inc., the   world's largest retailer, said on Thursday it would cut the   prices of nearly 300 generic drugs to $4 per prescription   starting in the retirement haven of Tampa, Florida.
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The drugmaker said it is weighing cost cuts that could eliminate 10 percent of its work force over a three-year period.
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Japan indicated on Tuesday that it was nearing a decision on dropping its policy of testing all cattle for mad-cow disease, a move likely to move forward efforts to ease a nine-month-old ban on U.S. beef imports.