By the end of 2011, the giant drug maker Eli Lilly is set to cut down its work force by 14%, which means that nearly 5,500 of Lilly’s employees will lose their jobs.

Lilly’s objective from this move is to cut their annual costs by $1 billion, as many of their best sellers will lose patent protection in a couple of years.

The company will also restructure itself into five units: cancer, diabetes, emerging markets, established markets, and Elanco (Lilly’s animal health business).

They also plan to get quick approval for new medications and bring them into the U.S. and global market.

Read more about Eli Lilly plans at NY Times.