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Facing generic competition and a drop in sales of its diabetes drug Avandia, GlaxoSmithKline has launched a $3.1 billion operational cost reduction program that is expected to result in annual pretax savings of up to $1.5 billion by 2010. GSK says the initiative will improve efficiency in R&D, manufacturing, and sales. The company will pare its manufacturing sites and "streamline" R&D with an increased focus on biopharmaceuticals, oncology, vaccines, and neuroscience. GSK announced the plan as part of its third-quarter earnings. Sales of Avandia dropped 38% for the quarter to about $467 million.
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