INDIANAPOLIS – FOR Eli LILLY, a successful business translates to more than just a bottom line; the pharmaceutical giant is also in the business of saving lives. Recently the company that invented Insulin announced its long-term growth plan. Indiana residents will have 7,500 new job opportunities to chose from over the next decade. The expansion of Lilly's Indiana operations will be fueled by a $1 billion investment. However, don't weep for Lilly's sacrifice: the company will receive a $214 million economic development incentive package from the state of Indiana and its capital city as a thank you note.
The main beneficiaries of such corporate generosity are Lilly's Indianapolis campuses: Lilly Corporate Center and Lilly Technology Center, with other facilities in Indiana also getting a share of the bounty. Lilly has already committed $500 million to fund new construction projects
The plan reflects Lilly's hope to not only drive the sales of its existing products, but also to increase the manufacturing speed and number of new products. “It's a sign that Lilly is committed to its research business,” says Hank Rahe, director of technology at Contain-Tech in Indianapolis, IN.
To realize its goals for keeping its hold on current markets, the company must create facilities that can grow with evolving technology while implementing ever-changing expectations in standards compliance.
According to Lilly, only 12 percent of compounds that make it to the research phase are also launched into the market. Only 1 in 10,000 compounds investigated ever reaches the pharmacy as a bona fide medicine. Eli Lilly plans to use this major investment in R&D to cut drug development time in half.