Lilly Unveils Blueprint for Speeding Innovative Medicines t...( ...),Health

INDIANAPOLIS, Sept. 14 /PRNewswire-FirstCall/ -- Eli Lilly and Company (NYSE: LLY) today unveiled a new operating model and announced a series of changes to speed medicines from its pipeline to patients. To help achieve this goal, the company will establish a Development Center of Excellence to streamline and accelerate late-stage development of new medicines, and will reorganize its pharmaceutical business into four business units that will operate alongside the Elanco animal health business unit. In addition, the company has set a goal to significantly reduce its cost structure by the end of 2011.

"We remain confident that continued focus on medical innovation is the best way to ensure the long-term growth of our company," said John C. Lechleiter, Ph.D., chairman and chief executive officer. "The changes we are announcing today will accelerate the progress of the most exciting pipeline in our history, with more than 60 molecules currently in clinical development. These changes will also ensure that we meet the changing needs of our customers and operate our business in a manner consistent with an increasingly challenging environment. I have great confidence that these changes will have a very positive impact on the company's future."

To achieve these objectives, Lilly will:

• Establish the Development Center of Excellence (COE) to help address the industry-wide challenge of a drug development process that is increasingly complex, slow and expensive. The Development COE will distinguish Lilly from its peers by using one common operating system, one common set of priorities and a singular focus to streamline the development of new medicines. The ultimate goal of the Development COE is to accelerate the launch of important Lilly m
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