Earlier in the month, Lilly's Executive Vice President of Science and Technology, Dr. Jan Lundberg, spoke about the company's history of partnerships in Canada. The seminar, hosted by the NEOMED Institute, explored the delivery of timely and valued medicines to patients. As Dr. Lundberg highlighted, Lilly has a long history of creating partnership models designed to bring innovations and discoveries to patients.
Collaborative and innovative research and development models can save lives. The partnership between Lilly and two academics at the University of Toronto over 90 years ago led to the creation of the world's first commercial insulin product and transformed diabetes from a terminal illness to a chronic disease. While this work helped to bring treatments to patients in need, it also set a precedent for an important model of discovery that persists to this day.
Advances in technology and new discoveries have helped to fuel the innovation ecosystem for some time. However, if we want to continue to reap the benefits of discovery, we need to put systems and funding in place to support it. Canada's huge pool of talent and stable and predictable business environment makes us an excellent incubator for research, development, and discovery.
Projects like the $170 million TVM Life Science Ventures VII fund and the establishment of Chorus, Lilly's autonomous and virtual early-phase drug development engine based in Montréal, demonstrate how innovative partnerships can help shape our future. This model can help deliver robust and clean data packages that make it easy to reach a "go or no-go" decision on molecules faster and less expensive than you could within the current industry model.
If we want to continue to see the delivery of high quality, high value medicines, we need to do what we can to support these systems. At Lilly, we believe partnerships are fundamental to the way we work and look forward to working to continue them, and share them with you here and at home.