Bristol-Myers Squibb is going to cut 10% of its work force, or about 4,300 jobs, and close half of its 38 manufacturing plants in a plan to save about $1.5 billion by 2010 and boost profitability.

"Bristol's work force has held steady at about 43,000 since 2004. Since then, other large drug makers have cut jobs and costs significantly, including Pfizer Inc. and Merck & Co."

They also plan to divest itself of its medical-imaging business and is exploring alternatives for its ConvaTec wound-care unit and Mead Johnson nutritionals businesses in an effort to increase its focus on areas of growth.

Bristol also said it plans to reduce the number of brands in the company's mature-pharmaceuticals portfolio by 60% by 2011 as it sells assets in the "profitable, though declining" segment.

I think it is important for large companies like these to realize that they don't have to be everything to everybody and to stick to their core. This will decrease costs due to inefficiencies and boost the bottom line. They are late to the game, but better now then never.