New U.S. food safety rules by FDA seek more accountability

(Reuters) – U.S. regulators proposed new food safety rules on Friday that aim to make food processors and farms more accountable for reducing food borne illnesses that kill or sicken thousands of Americans annually. The rules, required by the Food Safety Modernization Act (FSMA) that was signed into law two years ago, were announced by the U.S. Food and Drug Administration on Friday. The agency has come under heavy criticism for failing to introduce new food safety rules faster, but many of those critics applauded FDA’s announcement. …

Eli Lilly banks on cost controls for higher 2013 profit

(Reuters) – Eli Lilly and Co said on Friday it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity. Lilly, whose shares were up nearly 4 percent on Friday, said 2013 sales will be flat to a bit higher, despite the loss of patent on its $5 billion-a-year antidepressant, Cymbalta, in December. The Indianapolis-based drugmaker is coming off a particularly difficult 2012 when sales declined sharply because of competition from cheaper generics. It expects 2013 earnings to increase to $3.75 to $3. …

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