Eli Lilly and Co. didn’t win approval for a new drug last week. But its latest study of an existing diabetes drug could create a blockbuster in its own right—adding as much as $1 billion a year to the coffers of the Indianapolis-based drugmaker.
Hoosier entrepreneurs in health care and life sciences attracted more than $31 million from investors during the first half of the year. But too few Indiana companies have developed their technology enough to attract venture capitalists or tap stock markets.
Strand Diagnostics lost a key court battle on July 30 when a federal judge in Indianapolis granted summary judgment in favor of the Medicare program, which has refused to reimburse Strand for its test since 2012.
State and city leaders spend millions each year to entice companies to move here and add jobs here. But for the second time in three months, Eli Lilly and Co. has shown that the biggest attraction to a company is talented workers.
The Indianapolis-based drugmaker on Wednesday will release new data from patients taking its Alzheimer’s drug that could show whether the drug has slowed the progression of their disease. That will show investors whether the 45 percent rise in Lilly’s stock price over the past year is justified.
Indiana's life sciences companies are spending four times more on medical research than the state's hospitals, doctors and univerities are receiving from such companies for research projects. That means Indiana is missing out on more than $80 million a year.
Lilly's basal insulin peglispro proved more effective than the $7 billion blockbuster Lantus at controlling diabetics' blood sugar, but it also had greater effect on patients' livers and hearts. Analysts are unsure of its future.
The fact that Assembly Biosciences Inc. and AgeneBio now list New York and Baltimore, respectively, as their headquarters cities doesn’t hurt Indiana and could help the state, says David Johnson, CEO of BioCrossroads.