In a presentation to investors last month, Eli Lilly revealed its ambitious plan to launch 20 new drugs over the next seven years. The Indianapolis-based pharmaceutical behemoth also declared its intention to add more uses to its existing therapies – all by the year 2023.
Eli Lilly Plans Expansion of Drug Offerings
Eli Lilly’s new R&D goals will focus on therapies for diabetes, oncology, neurodegenerative diseases (like Alzheimer’s disease), immunology, and non-opioid pain therapies. The company called these medical research areas “franchises.”
Lilly recommitted to the need for new drug research after acknowledging that 91% of its revenues come from drugs approved more than ten years ago like Cialis (2003), Methadone (1972), and Prozac (1987).
The company’s CEO John Lechleiter proclaimed,“We are in the midst of the most prolific period of new launches in our company’s 140-year history.”
Lilly Pharma Fails to Get UK NICE Approval
Eli Lilly’s ambitious announcement comes on the heels of its failure earlier in May to convince the UK’s National Institute for Health and Care Excellence (NICE) to approve Portrazza, its new lung cancer drug. Portrazza is designed to complement chemotherapy in treating metastatic squamous non-small cell lung cancer.
The US Food and Drug Administration (FDA) approved Portrazza in November 2015. However, NICE, the UK’s medical guidelines body, called the drug “too expensive per quality-adjusted life year gained” – estimating the cost to be between £110,000 and £170,000 (or $160,000 – $247,000).
Wildly Expensive Portrazza Only Extends Life by Weeks
Even though Portrazza received FDA approval, the lung cancer drug isn’t without controversy in the US.
Last year, a paper in the JAMA Oncology journal advocated for reducing the drug’s price by $9,600. The paper cited poor extended life expectancy – extended only by mere weeks – and even then for only half of the patients treated.
Assuming the drug’s price isn’t reduced, sales of Portrazza in the US are projected to reach $497 million by 2020.
Lilly Halts Research on Diabetes and Cardiovascular Meds
Two other drugs also went bust for Eli Lilly last year. The pharma giant halted development of a long-acting insulin drug called peglispro as well as evacetrapib, a cardiovascular drug. Lilly lost an instant $55 million by dumping peglispro and a projected $612 million in sales for evacetrapib.
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