A blog from my colleague Greg Kueterman, posted this week on LillyPad US.
In case you didn't see it: The Wall Street Journal on Monday devoted some space to Lilly's ongoing devotion to research and development. While some of our industry peers are cutting back, Lilly is plowing full speed ahead with seeking out new and innovative medicines from our own laboratories.
Since 2009, Lilly's R&D budget has risen by more than 20 percent -- topping out at $5.3 billion in 2012. It's a lot of money, but in the biopharmaceutical business, you have to invest a lot to produce returns. It takes 10 to 12 years and roughly $1 billion to take a new medicine from the labs to the pharmacy shelves. Earlier this month our CEO, John Lechleiter, talked to The Wall Street Journal about our commitment to home-grown R&D.
John, a former Lilly chemist himself before moving up the ladder to become CEO more than five years ago, said Lilly has "learned" from previous major patent expirations, and added "I think we're beginning to see the light at the end of the tunnel."
We've made four regulatory filings this year, as reported in today's earnings press release. We continue to look hard for solutions to cancer, diabetes, Alzheimer's disease, and other devastating diseases. So our commitment -- and our investment -- remains unchanged. If you have a subscription to The Wall Street Journal, you can read the rest of the story.