A composition for displacing loose skin and removing subcutaneous deposits of fatty tissue. The composition includes effective amounts of one or more bleomycin-type drugs that are operative to cause apoptosis in localized fat cells, thus causing permanent eradication of such cells. Loose skin is likewise displaced with dense fibrous tissue produced via selective scarring induced by the active bleomycin-type drugs. The compositions are formulated as creams, lotions, gels, waxes, foams, sprays and the like for selectively applied, local topical application, and may also be administered as a conventional transdermal patch. The compositions may alternatively be formulated to be injected into the skin.