"The pharmaceutical industry, however, continues to face major challenges, and we must act quickly and decisively to address them," noted Lechleiter. "We must respond to the demand for greater value among payers, providers and patients. We must also prepare for the wave of patent expirations that will come in the early part of the next decade. At Lilly, we recognize those challenges, and also recognize the tremendous opportunities that can be created by a company with a clear vision and a commitment to change. We are fundamentally transforming our business, and are doing so from a position of strength. Our strategy is to create value for our stakeholders by accelerating the flow of innovative new medicines that provide improved outcomes for individual patients."
Pipeline Progress - Expanding Biotech, Reducing Costs and Increasing Productivity
Steven M. Paul, M.D., executive vice president, science and technology and president of Lilly Research Laboratories, explained how Lilly's strategy for research and development is designed to respond to the challenges of pharmaceutical R&D. "Lilly's goal is to substantially improve R&D productivity and reduce late-stage attrition, thereby lowering the cost to bring a new molecular entity (NME) to market, from $1.2 billion in 2007 to $800 million by 2010. Our most recent estimate of $1.0 billion shows that we are making significant progress toward achieving this goal through our R&D transformation."
Dr. Paul then detailed several key U.S. and international examples of
FIPNet transformation and their positive impact on R&D productivity. These
examples include the sale of Lilly's Greenfield Laboratories site to Covance,
the expansion of Chorus, Lilly's virtual drug development organization, the
creation of a joint venture in India with Jubilant Organosys, and other
|SOURCE Eli Lilly and Company|
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