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In another move to encourage innovation while trimming its research and development budget, pharmaceutical company GlaxoSmithKline has announced that it will cut two percent, or 350 jobs, from its global R&D staff, according to The Wall Street Journal.

"These changes are part of GSK's longer-term strategy to ensure that we invest in key areas of future growth and evolve our business to compete effectively in what is a rapidly changing and challenging environment for pharmaceutical companies," a GSK spokesman told The Wall Street Journal.

This news comes on the heels of an announcement from GSK that it will be "more biotech-like," providing incentives and disincentives to researchers searching for marketable drug discoveries.

Three GSK research labs, in the U.S., Britain and Italy, will be affected by the cuts, which are part of a GSK plan to save 1.37 billion a year by 2010.