Eli Lilly investing $700M in insulin production
Eli Lilly and Co. is announcing a $700 million investment in global insulin manufacturing. The move comes in response to what Lilly calls the growing diabetes epidemic.
The Indianapolis-based pharmaceutical company says it plans to enhance capacity in Puerto Rico, France and China, as well as in Indianapolis, the company's headquarters.
Lilly has committed over $1 billion in investments over the past year in response to increasing insulin demand.
Half of the money will go towards improving its insulin manufacturing facilities. Lilly introduced the first commercially available insulin product in 1923.
Lilly points to numbers from the International Diabetes Federation (IDF) which says all types of diabetes are on the rise, with the number of people with type 2 diabetes increasing most dramatically.
Lilly says it's also investing in diabetes research, with "14 new molecular entities in clinical development, including three under regulatory review and another in Phase III, for the treatment of diabetes and related complications."
The new manufacturing investments will support both existing and future insulin-based medicines and are as follows:
France - $120 million to enhance insulin cartridge manufacturing capacity
Indianapolis and Puerto Rico - $245 million to expand insulin-active-ingredient and delivery device manufacturing capacity
China - $350 million to expand insulin cartridge manufacturing capacity