We often talk about what's needed to advance innovation. We talk about what we need from Congress, what we need from our educational system, and what we need from our environment. All legitimate stuff.
Today, we're talking about what we bring to the table. In short, we're putting our money where our mouth is.
Earlier today, Lilly announced a multi-million dollar investment to expand our biotechnology capabilities -- with the goal of finding potential medicines with enhanced efficacy and improved safety profiles over current therapies. Lilly will hire additional biochemists and biologists to support additional work in this area, and the new scientists will work out of our Indianapolis headquarters and our biotechnology center in San Diego.
"In many therapeutic areas -- for instance, diabetes and oncology -- one medicine isn't enough for patients to manage their disease," said Tom Bumol, Ph.D., vice president of biotechnology discovery at Lilly's San Diego campus. "With our extensive biologics experience, we can now engineer new therapies where one medicine essentially provides the benefit of two. This could produce real benefits for patients, health care professionals, and payors."
You can read more about the company's investment in the press release (the link doesn't exist anymore) issued earlier today. But with our research and development spend in 2010 already at 21 percent of revenue at $4.8 billion, our newest investment will build upon a strategy very much focused on innovation.