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Lilly CEO Praises Massachusetts' Leadership in Biotech, Urges Policy Prescriptions to Help Ensure State's Investment Generates Dividends and Jobs
Date:4/30/2008

BOSTON, April 30 /PRNewswire-FirstCall/ -- Today John C. Lechleiter, Ph.D., president and CEO of Eli Lilly and Company (NYSE: LLY), praised the Bay State for its investment in biotechnology and provided insight into the future of life sciences and a roadmap for ensuring the state's significant investment is rewarded. He made his remarks to the Massachusetts Biz/Bio Conference, a gathering of policymakers, business leaders and academics, under the theme "Economic Prosperity through Scientific Discovery." Massachusetts workers have enjoyed a 10 percent rise in the number of biopharmaceutical jobs, according to reports from Northeastern University, which contrasts favorably against the 25 percent decline in overall manufacturing jobs in the first half of the decade.

"This state really stands out for the approach that you've taken to developing the life-sciences sector - a sector in 'a Golden Age of discovery,'" said Lechleiter. He continued: "In Massachusetts, your legislature is about to make a dramatic, $1 billion public investment in the life sciences - through tax incentives, grants, and capital projects. That gives you an even larger stake in protecting the ability of biotech businesses to succeed, which is the basis of our ability to create jobs."

Lechleiter measured the region's commitment to biotechnology in several ways while noting that ongoing public policy debates would determine how well the region's investment could pay off. For example, he said Greater Boston ranks second only to San Diego in the Milken Institute's ranking of life-sciences clusters, and he tallied the economic impact of the biotechnology and pharmaceutical industries on the state at more than $5 billion a year.

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SOURCE Eli Lilly and Company
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