GlaxoSmithKline sets $1.6B in new cost cuts, thanks in part to Advair's U.S. formulary discounts

Brace yourselves for layoffs at GlaxoSmithKline ($GSK). The saga is familiar: An aging blockbuster loses steam to competing meds, and its maker gets out the cost-cutting ax to compensate. This time, the faltering drug is Advair, which adds some new twists to the story--including a warning to the whole pharma industry about formulary placement. Report

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