New York City
The City of New York called either New York City or New York, is the most populous city in the United States. With an estimated 2017 population of 8,622,698 distributed over a land area of about 302.6 square miles, New York is the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass and one of the world's most populous megacities, with an estimated 20,320,876 people in its 2017 Metropolitan Statistical Area and 23,876,155 residents in its Combined Statistical Area. A global power city, New York City has been described as the cultural and media capital of the world, exerts a significant impact upon commerce, research, education, tourism, art and sports; the city's fast pace has inspired the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.
Situated on one of the world's largest natural harbors, New York City consists of five boroughs, each of, a separate county of the State of New York. The five boroughs – Brooklyn, Manhattan, The Bronx, Staten Island – were consolidated into a single city in 1898; the city and its metropolitan area constitute the premier gateway for legal immigration to the United States. As many as 800 languages are spoken in New York, making it the most linguistically diverse city in the world. New York City is home to more than 3.2 million residents born outside the United States, the largest foreign-born population of any city in the world. In 2017, the New York metropolitan area produced a gross metropolitan product of US$1.73 trillion. If greater New York City were a sovereign state, it would have the 12th highest GDP in the world. New York is home to the highest number of billionaires of any city in the world. New York City traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan.
The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York. New York served as the capital of the United States from 1785 until 1790, it has been the country's largest city since 1790. The Statue of Liberty greeted millions of immigrants as they came to the U. S. by ship in the late 19th and early 20th centuries and is an international symbol of the U. S. and its ideals of liberty and peace. In the 21st century, New York has emerged as a global node of creativity and entrepreneurship, social tolerance, environmental sustainability, as a symbol of freedom and cultural diversity. Many districts and landmarks in New York City are well known, with the city having three of the world's ten most visited tourist attractions in 2013 and receiving a record 62.8 million tourists in 2017. Several sources have ranked New York the most photographed city in the world. Times Square, iconic as the world's "heart" and its "Crossroads", is the brightly illuminated hub of the Broadway Theater District, one of the world's busiest pedestrian intersections, a major center of the world's entertainment industry.
The names of many of the city's landmarks and parks are known around the world. Manhattan's real estate market is among the most expensive in the world. New York is home to the largest ethnic Chinese population outside of Asia, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is the largest single-operator rapid transit system worldwide, with 472 rail stations. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, Rockefeller University, which have been ranked among the top universities in the world. Anchored by Wall Street in the Financial District of Lower Manhattan, New York has been called both the most economically powerful city and the leading financial center of the world, the city is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ. In 1664, the city was named in honor of the Duke of York.
James's older brother, King Charles II, had appointed the Duke proprietor of the former territory of New Netherland, including the city of New Amsterdam, which England had seized from the Dutch. During the Wisconsinan glaciation, 75,000 to 11,000 years ago, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth; the erosive forward movement of the ice contributed to the separation of what is now Long Island and Staten Island. That action left bedrock at a shallow depth, providing a solid foundation for most of Manhattan's skyscrapers. In the precolonial era, the area of present-day New York City was inhabited by Algonquian Native Americans, including the Lenape, whose homeland, known as Lenapehoking, included Staten Island; the first documented visit into New York Harbor by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown. He named it Nouvelle Angoulême. A Spanish expedition led by captain Estêvão Gomes, a Portuguese sailing for Emperor Charles V, arrived in New York Harbor in January 1525 and charted the mouth of the Hudson River, which he named Río de San Antonio.
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The New York Times
The New York Times is an American newspaper based in New York City with worldwide influence and readership. Founded in 1851, the paper has won more than any other newspaper; the Times is ranked 17th in the world by circulation and 2nd in the U. S; the paper is owned by The New York Times Company, publicly traded and is controlled by the Sulzberger family through a dual-class share structure. It has been owned by the family since 1896. G. Sulzberger, the paper's publisher, his father, Arthur Ochs Sulzberger Jr. the company's chairman, are the fourth and fifth generation of the family to helm the paper. Nicknamed "The Gray Lady", the Times has long been regarded within the industry as a national "newspaper of record"; the paper's motto, "All the News That's Fit to Print", appears in the upper left-hand corner of the front page. Since the mid-1970s, The New York Times has expanded its layout and organization, adding special weekly sections on various topics supplementing the regular news, editorials and features.
Since 2008, the Times has been organized into the following sections: News, Editorials/Opinions-Columns/Op-Ed, New York, Sports of The Times, Science, Home and other features. On Sunday, the Times is supplemented by the Sunday Review, The New York Times Book Review, The New York Times Magazine and T: The New York Times Style Magazine; the Times stayed with the broadsheet full-page set-up and an eight-column format for several years after most papers switched to six, was one of the last newspapers to adopt color photography on the front page. The New York Times was founded as the New-York Daily Times on September 18, 1851. Founded by journalist and politician Henry Jarvis Raymond and former banker George Jones, the Times was published by Raymond, Jones & Company. Early investors in the company included Edwin B. Morgan, Christopher Morgan, Edward B. Wesley. Sold for a penny, the inaugural edition attempted to address various speculations on its purpose and positions that preceded its release: We shall be Conservative, in all cases where we think Conservatism essential to the public good.
We do not believe that everything in Society is either right or wrong. In 1852, the newspaper started a western division, The Times of California, which arrived whenever a mail boat from New York docked in California. However, the effort failed. On September 14, 1857, the newspaper shortened its name to The New-York Times. On April 21, 1861, The New York Times began publishing a Sunday edition to offer daily coverage of the Civil War. One of the earliest public controversies it was involved with was the Mortara Affair, the subject of twenty editorials in the Times alone; the main office of The New York Times was attacked during the New York City Draft Riots. The riots, sparked by the beginning of drafting for the Union Army, began on July 13, 1863. On "Newspaper Row", across from City Hall, Henry Raymond stopped the rioters with Gatling guns, early machine guns, one of which he manned himself; the mob diverted, instead attacking the headquarters of abolitionist publisher Horace Greeley's New York Tribune until being forced to flee by the Brooklyn City Police, who had crossed the East River to help the Manhattan authorities.
In 1869, Henry Raymond died, George Jones took over as publisher. The newspaper's influence grew in 1870 and 1871, when it published a series of exposés on William Tweed, leader of the city's Democratic Party—popularly known as "Tammany Hall" —that led to the end of the Tweed Ring's domination of New York's City Hall. Tweed had offered The New York Times five million dollars to not publish the story. In the 1880s, The New York Times transitioned from supporting Republican Party candidates in its editorials to becoming more politically independent and analytical. In 1884, the paper supported Democrat Grover Cleveland in his first presidential campaign. While this move cost The New York Times a portion of its readership among its more progressive and Republican readers, the paper regained most of its lost ground within a few years. After George Jones died in 1891, Charles Ransom Miller and other New York Times editors raised $1 million dollars to buy the Times, printing it under the New York Times Publishing Company.
However, the newspaper was financially crippled by the Panic of 1893, by 1896, the newspaper had a circulation of less than 9,000, was losing $1,000 a day. That year, Adolph Ochs, the publisher of the Chattanooga Times, gained a controlling interest in the company for $75,000. Shortly after assuming control of the paper, Ochs coined the paper's slogan, "All The News That's Fit To Print"; the slogan has appeared in the paper since September 1896, has been printed in a box in the upper left hand corner of the front page since early 1897. The slogan was a jab at competing papers, such as Joseph Pulitzer's New York World and William Randolph Hearst's New York Journal, which were known for a lurid and inaccurate reporting of facts and opinions, described by the end of the century as "yellow journalism". Under Ochs' guidance, aided by Carr
Food and Drug Administration
The Food and Drug Administration is a federal agency of the United States Department of Health and Human Services, one of the United States federal executive departments. The FDA is responsible for protecting and promoting public health through the control and supervision of food safety, tobacco products, dietary supplements and over-the-counter pharmaceutical drugs, biopharmaceuticals, blood transfusions, medical devices, electromagnetic radiation emitting devices, animal foods & feed and veterinary products; as of 2017, 3/4th of the FDA budget is paid by people who consume pharmaceutical products, due to the Prescription Drug User Fee Act. The FDA was empowered by the United States Congress to enforce the Federal Food and Cosmetic Act, which serves as the primary focus for the Agency; these include regulating lasers, cellular phones and control of disease on products ranging from certain household pets to sperm donation for assisted reproduction. The FDA is led by the Commissioner of Food and Drugs, appointed by the President with the advice and consent of the Senate.
The Commissioner reports to the Secretary of Human Services. Scott Gottlieb, M. D. is the current commissioner, who took over in May 2017. The FDA has its headquarters in Maryland; the agency has 223 field offices and 13 laboratories located throughout the 50 states, the United States Virgin Islands, Puerto Rico. In 2008, the FDA began to post employees to foreign countries, including China, Costa Rica, Chile and the United Kingdom. In recent years, the agency began undertaking a large-scale effort to consolidate its 25 operations in the Washington metropolitan area, moving from its main headquarters in Rockville and several fragmented office buildings to the former site of the Naval Ordnance Laboratory in the White Oak area of Silver Spring, Maryland; the site was renamed from the White Oak Naval Surface Warfare Center to the Federal Research Center at White Oak. The first building, the Life Sciences Laboratory, was dedicated and opened with 104 employees on the campus in December 2003. Only one original building from the naval facility was kept.
All other buildings are new construction. The project is slated to be completed by 2021, assuming future Congressional funding While most of the Centers are located in the Washington, D. C. area as part of the Headquarters divisions, two offices – the Office of Regulatory Affairs and the Office of Criminal Investigations – are field offices with a workforce spread across the country. The Office of Regulatory Affairs is considered the "eyes and ears" of the agency, conducting the vast majority of the FDA's work in the field. Consumer Safety Officers, more called Investigators, are the individuals who inspect production and warehousing facilities, investigate complaints, illnesses, or outbreaks, review documentation in the case of medical devices, biological products, other items where it may be difficult to conduct a physical examination or take a physical sample of the product; the Office of Regulatory Affairs is divided into five regions, which are further divided into 20 districts. Districts are based on the geographic divisions of the federal court system.
Each district comprises a main district office and a number of Resident Posts, which are FDA remote offices that serve a particular geographic area. ORA includes the Agency's network of regulatory laboratories, which analyze any physical samples taken. Though samples are food-related, some laboratories are equipped to analyze drugs and radiation-emitting devices; the Office of Criminal Investigations was established in 1991 to investigate criminal cases. Unlike ORA Investigators, OCI Special Agents are armed, don't focus on technical aspects of the regulated industries. OCI agents pursue and develop cases where individuals and companies have committed criminal actions, such as fraudulent claims, or knowingly and willfully shipping known adulterated goods in interstate commerce. In many cases, OCI pursues cases involving Title 18 violations, in addition to prohibited acts as defined in Chapter III of the FD&C Act. OCI Special Agents come from other criminal investigations backgrounds, work with the Federal Bureau of Investigation, Assistant Attorney General, Interpol.
OCI receives cases from a variety of sources—including ORA, local agencies, the FBI—and works with ORA Investigators to help develop the technical and science-based aspects of a case. OCI is a smaller branch; the FDA works with other federal agencies, including the Department of Agriculture, Drug Enforcement Administration and Border Protection, Consumer Product Safety Commission. Local and state government agencies work with the FDA to provide regulatory inspections and enforcement action; the FDA regulates more than US$2.4 trillion worth of consumer goods, about 25% of consumer expenditures in the United States. This includes $466 billion in food sales, $275 billion in drugs, $60 billion in cosmetics and $18 billion in vitamin supplements. Much of these expenditures are for goods imported into the United States; the FDA's federal budget request for fiscal year 2012 totaled $4.36 billion, while the proposed 2014 budget is $4.7 billion. About $2 billion of this budget is generated by user fees.
Pharmaceutical firms pay th
Forbes is an American business magazine. Published bi-weekly, it features original articles on finance, industry and marketing topics. Forbes reports on related subjects such as technology, science and law, its headquarters is located in New Jersey. Primary competitors in the national business magazine category include Fortune and Bloomberg Businessweek; the magazine is well known for its lists and rankings, including of the richest Americans, of the world's top companies, The World's Billionaires. The motto of Forbes magazine is "The Capitalist Tool", its chair and editor-in-chief is Steve Forbes, its CEO is Mike Federle. It was sold to Integrated Whale Media Investments. B. C. Forbes, a financial columnist for the Hearst papers, his partner Walter Drey, the general manager of the Magazine of Wall Street, founded Forbes magazine on September 15, 1917. Forbes provided the money and the name and Drey provided the publishing expertise; the original name of the magazine was Forbes: Devoted to Doings.
Drey became vice-president of the B. C. Forbes Publishing Company, while B. C. Forbes became editor-in-chief, a post he held until his death in 1954. B. C. Forbes was assisted in his years by his two eldest sons, Bruce Charles Forbes and Malcolm Stevenson Forbes. Bruce Forbes took over on his father's death, his strengths lay in streamlining operations and developing marketing. During his tenure, 1954–1964, the magazine's circulation nearly doubled. On Bruce's death, his brother Malcolm Stevenson "Steve" Forbes Jr. became President and Chief executive of Forbes and Editor-in-Chief of Forbes magazine. Between 1961 and 1999 the magazine was edited by James Michaels. In 1993, under Michaels, Forbes was a finalist for the National Magazine Award. In 2006, an investment group Elevation Partners that includes rock star Bono bought a minority interest in the company with a reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine and Forbes.com, along with other media properties, is now a part.
A 2009 New York Times report said: "40 percent of the enterprise was sold... for a reported $300 million, setting the value of the enterprise at $750 million". Three years Mark M. Edmiston of AdMedia Partners observed, "It's not worth half of that now", it was revealed that the price had been US$264 million. In January 2010, Forbes reached an agreement to sell its headquarters building Fifth Avenue in Manhattan to New York University; the company's headquarters subsequently moved to the Newport section of downtown Jersey City, New Jersey, in 2014. In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale; this was encouraged by minority shareholders Elevation Partners. Sale documents prepared by Deutsche Bank revealed that the publisher's 2012 EBITDA was US$15 million. Forbes sought a price of US$400 million. In July 2014, the Forbes family bought out Elevation and sold a 51 per cent majority of the company to Integrated Whale Media Investments. Apart from Forbes and its lifestyle supplement, Forbes Life, other titles include Forbes Asia and fifteen local language editions.
Steve Forbes and his magazine's writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes on Radio. Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From the 2009 Times report: "Steve Forbes returned from opening up a Forbes magazine in India, bringing the number of foreign editions to 10." In addition, that year the company began publishing ForbesWoman, a quarterly magazine published by Steve Forbes's daughter, Moira Forbes, with a companion Web site. The company published American Legacy magazine as a joint venture, although that magazine separated from Forbes on May 14, 2007; the company formerly published American Heritage and Invention & Technology magazines. After failing to find a buyer, Forbes suspended publication of these two magazines as of May 17, 2007. Both magazines were purchased by the American Heritage Publishing Company and resumed publication as of the spring of 2008. Forbes has published the Forbes Travel Guide since 2009.
On January 6, 2014, Forbes magazine announced that, in partnership with app creator Maz, it was launching a social networking app called "Stream". Stream allows Forbes readers to save and share visual content with other readers and discover content from Forbes magazine and Forbes.com within the app. Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes's holdings include a portion of RealClearPolitics. Together these sites reach more than 27 million unique visitors each month. Forbes.com employs the slogan "Home Page for the World's Business Leaders" and claimed, in 2006, to be the world's most visited business web site. The 2009 Times report said that, while "one of the top five financial sites by traffic off an estimated $70 million to $80 million a year in revenue, never yielded the hoped-for public offering". Forbes.com uses a "contributor model" in which a wide network of "contributors" writes and publishes articles directly on the website. Contributors are paid based on traffic to their respective Forbes.com pages.
Forbes allows advertisers to publish blog posts on its website alongside regular editorial content through a program called BrandVoice, which accounts for more than 10 pe
Insider trading is the trading of a public company's stock or other securities by individuals with access to nonpublic information about the company. In various countries, some kinds of trading based on insider information is illegal; this is because it is seen as unfair to other investors who do not have access to the information, as the investor with insider information could make larger profits than a typical investor could make. The rules governing insider trading are complex and vary from country to country; the extent of enforcement varies from one country to another. The definition of insider in one jurisdiction can be broad, may cover not only insiders themselves but any persons related to them, such as brokers and family members. A person who becomes aware of non-public information and trades on that basis may be guilty of a crime. Trading by specific insiders, such as employees, is permitted as long as it does not rely on material information not in the public domain. Many jurisdictions require.
In the United States and several other jurisdictions, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed within a few business days of the trade. In these cases, insiders in the United States are required to file a Form 4 with the U. S. Securities and Exchange Commission when selling shares of their own companies; the authors of one study claim that illegal insider trading raises the cost of capital for securities issuers, thus decreasing overall economic growth. However, some economists, such as Henry Manne, have argued that insider trading should be allowed and could, in fact, benefit markets. There has long been "considerable academic debate" among business and legal scholars over whether or not insider trading should be illegal. Several arguments against outlawing insider trading have been identified: for example, although insider trading is illegal, most insider trading is never detected by law enforcement, thus the illegality of insider trading might give the public the misleading impression that "stock market trading is an unrigged game that anyone can play."
Some legal analysis has questioned whether insider trading harms anyone in the legal sense, since some have questioned whether insider trading causes anyone to suffer an actual "loss," and whether anyone who suffers a loss is owed an actual legal duty by the insiders in question. Rules prohibiting or criminalizing insider trading on material non-public information exist in most jurisdictions around the world, but the details and the efforts to enforce them vary considerably. In the United States, Sections 16 and 10 of the Securities Exchange Act of 1934 directly and indirectly address insider trading; the U. S. Congress enacted this law after the stock market crash of 1929. While the United States is viewed as making the most serious efforts to enforce its insider trading laws, the broader scope of the European model legislation provides a stricter framework against illegal insider trading. In the European Union and the United Kingdom all trading on non-public information is, under the rubric of market abuse, subject at a minimum to civil penalties and to possible criminal penalties as well.
UK's Financial Conduct Authority has the responsibility to investigate and prosecute insider dealing, defined by the Criminal Justice Act 1993. In the United States, Canada and Germany, for mandatory reporting purposes, corporate insiders are defined as a company's officers and any beneficial owners of more than 10% of a class of the company's equity securities. Trades made by these types of insiders in the company's own stock, based on material non-public information, are considered fraudulent since the insiders are violating the fiduciary duty that they owe to the shareholders; the corporate insider by accepting employment, has undertaken a legal obligation to the shareholders to put the shareholders' interests before their own, in matters related to the corporation. When insiders buy or sell based upon company-owned information, they are violating their obligation to the shareholders. For example, illegal insider trading would occur if the chief executive officer of Company A learned that Company A will be taken over and bought shares in Company A while knowing that the share price would rise.
In the United States and many other jurisdictions, however, "insiders" are not just limited to corporate officials and major shareholders where illegal insider trading is concerned but can include any individual who trades shares based on material non-public information in violation of some duty of trust. This duty may be imputed. Liability for inside trading violations cannot be avoided by passing on the information in an "I scratch your back. In the United States, at least one court has indicated that the insider who releases the non-public information must have done so for an improper purpose. In the case of a person who receives the insider information, the tippee must also
Bristol-Myers Squibb Company is an American pharmaceutical company, headquartered in New York City. Bristol-Myers Squibb manufactures prescription pharmaceuticals and biologics in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, hepatitis, rheumatoid arthritis and psychiatric disorders. BMS' primary R&D sites are located in Lawrence, New Jersey, Hopewell Township and New Brunswick, New Jersey. BMS had an R&D site in Wallingford, Connecticut; the Squibb corporation was founded in 1858 by Edward Robinson Squibb in New York. Squibb was known as a vigorous advocate of quality control and high purity standards within the fledgling pharmaceutical industry of his time, at one point self-publishing an alternative to the U. S. Pharmacopeia after failing to convince the American Medical Association to incorporate higher purity standards. Mentions of the Materia Medica, Squibb products, Edward Squibb's opinion on the utility and best method of preparation for various medicants are found in many medical papers of the late 1800s.
Squibb Corporation served as a major supplier of medical goods to the Union Army during the American Civil War, providing portable medical kits containing morphine, surgical anesthetics, quinine for the treatment of malaria. In 1887, Hamilton College graduates William McLaren Bristol and John Ripley Myers purchased the Clinton Pharmaceutical company of Clinton, New York. In 1898, they decided to rename it Bristol and Company. Following Myers' death in 1899, Bristol changed the name to the Bristol-Myers Corporation; the first nationally recognized product was Sal Hepatica, a laxative mineral salt in 1903. Its second national success was Ipana toothpaste, from 1901 through the 1960s. Other divisions were Drackett. In 1943, Bristol-Myers acquired Cheplin Biological Laboratories, a producer of acidophilus milk in East Syracuse, New York, converted the plant to produce penicillin for the World War II Allied forces. After the war, the company renamed the plant Bristol Laboratories in 1945 and entered the civilian antibiotics market, where it faced competition from Squibb, which had opened the world's largest penicillin plant in 1944 in New Brunswick, New Jersey.
Penicillin production at the East Syracuse plant was ended in 2005, when it became less expensive to produce overseas, but the facility continues to be used for the manufacturing process development and production of other biologic medicines for clinical trials and commercial use. Bristol-Myers and Squibb merged with Bristol-Myers as the nominal survivor; the merged company became Bristol-Myers Squibb. In 1999, President Clinton awarded Bristol-Myers Squibb the National Medal of Technology, the nation's highest recognition for technological achievement, "for extending and enhancing human life through innovative pharmaceutical research and development and for redefining the science of clinical study through groundbreaking and hugely complex clinical trials that are recognized models in the industry." In 2002, the company was involved in a lawsuit of maintaining illegally a monopoly on Taxol, its cancer treatment, it was again sued for the antitrust lawsuit 5 years which cost the company $125 million for settlement.
The company was involved in an accounting scandal in 2002 that resulted in a significant restatement of revenues from 1999 to 2001. The restatement was the result of an improper booking of sales related to "channel stuffing" as the practice of offering excess inventory to customers to create higher sales numbers; the company has since settled with the United States Department of Justice and Securities and Exchange Commission, agreeing to pay $150 million while neither admitting nor denying guilt. On October 24, 2002, Bristol-Myers Squibb Co. restated earnings downward for parts of 2000 and 2001 while revising this year's earnings upward because of its massive inventory backlog imbroglio that spurred two government investigations. On March 15, 2004, Bristol-Myers Squibb Co. adjusted upward its fourth-quarter and full-year 2003 results after reversing an earlier decision about how to deal with accounting errors made in prior years. As part of a Deferred Prosecution Agreement, the company was placed under the oversight of a monitor appointed by the U.
S. Attorney in New Jersey. In addition, the former head of the Pharma group, Richard Lane, the ex-CFO, Fred Schiff, were indicted for federal securities violations. An investigation of the company was made public in July 2006, the FBI raided the company's corporate offices; the investigation centered on charges of collusion. On September 12, 2006, the monitor, former Federal Judge Frederick B. Lacey, urged the company to remove CEO Peter Dolan over the Plavix dispute; that day, BMS announced that Dolan would indeed step down. The Deferred Prosecution Agreement expired in June 2007 and the Department of Justice did not take any further legal action against the company for matters covered by the DPA. Under CEO Jim Cornelius, CEO following Dolan until May 2010, all executives involved in the "channel-stuffing" and generic competition scandals have since left the company. In 2009, a major restructuring began focusing on the pharmaceutical business and biologic products, along with productivity initiatives and cost-cutting and streamlining business operations through a multi-year program of on-going layoffs.
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