Lilly freezes salaries as generics erode Zyprexa sales
Eli Lilly and Co. will freeze salaries for most employees worldwide this year, as sales of its best-selling drug declined faster than expected after losing patent protection.
Eli Lilly and Co. will freeze salaries for most employees worldwide this year, as sales of its best-selling drug declined faster than expected after losing patent protection.
For drugmakers, the golden era of the 1990s and early part of the last decade, when they seemed to effortlessly churn out new multibillion-dollar pills for the masses along with double-digit quarterly profit increases, is not even in the rearview mirror any more.
John Keach Jr., the third generation of his family to lead Indiana Bank & Trust, looked into the future and wondered how—given the lackluster economy and increasing costs for everything from employee benefits to regulatory compliance—it would generate robust earnings growth.
From the time he started building things with Legos, Daniel Lechleiter, 32, expected to become an engineer. But at the University of Dayton, he glimpsed the future of engineering and didn’t see himself in it.
Ryan Kitchell, 38, didn’t expect to be overseeing health plans for Indiana University Health and its 80,000 members. But he’s found himself in unexpected places before, with good results.
Eli Lilly and Co. is among about a half-dozen companies interested in buying a stake in Mustafa Nevzat Ilac Sanayii AS in a deal that may value the Turkish drugmaker at $1 billion, sources say.
Patent expirations on Gemzar and Zyprexa contributed to the 27-percent earnings decline, but CEO John Lechleiter touted better-than-expected sales of other products.
After 15 years of increasing yelps from primary care doctors, WellPoint Inc. is finally launching a plan to pay more for the family doctor’s time. The Indianapolis-based health insurer said Jan. 27 that it will increase the fees it pays to primary care specialists and even start paying for such services as crafting care plans for patients with complex medical problems. It also will offer doctors an opportunity to share in some savings when better patient care leads to a reduction in costs. An example of what WellPoint has is mind is paying doctors to take the time to coach overweight patients who have diabetes to develop an exercise plan and then making sure they stay on it. "It makes the physician the kind of physician their patient wants them to be," Jill Hummel, WellPoint's vice president of payment innovation, told the Associated Press. WellPoint reasons that by spending more at the primary care level, it can cut down on emergency room visits and hospital admissions—which are the most expensive types of care. Primary care doctors say low reimbursement rates force them to cram as many patient visits as possible into a typical day in order to make enough money to stay afloat. That keeps them from spending more than a few minutes with each patient. For a time, physicians made extra money by starting their own imaging and diagnostic centers. But health plans—both governmental and private—sharply curtailed payments to physician-owned facilities, sharply curtailing that source of revenue.
The third time’s a charm. California-based Amylin Pharmaceuticals Inc. and Massachuetts-based Alkermes Inc. succeeded in their third attempt to gain U.S. clearance for Bydureon, a once-weekly version of Amylin’s Byetta diabetes shot. The companies had been developing Bydureon with Eli Lilly and Co. until November. But Indianapolis-based Lilly broke off its partnership with Amylin after the two companies feuded over Lilly’s agreement to sell a competing diabetes medicine with Germany-baseed Boehringer Ingelheim GmbH. Amylin also agreed to make a one-time payment of $250 million to Lilly and to pay as much as $1.2 billion in royalties based on future sales of Bydureon and Byetta. In the meantime, Lilly is working to develop its own version of Bydureon, which is called dulaglutide. In 2010, Byetta produced revenue of about $700 million for the two companies, but its market share had been dented significantly by a once-daily version of the medicine, called Victoza, which was launched in 2010 by Denmark-based Novo Nordisk A/S.
Actress Florence Henderson—better known as Carol Brady from “The Brady Bunch”—will star in a series of advertisements for American Senior Communities LLC, an Indianapolis-based chain of nursing homes and long-term care facilities. The campaign will debut statewide this week in television, radio and print. Henderson, a native of Dale, currently hosts “The Florence Henderson Show” on Retirement Living Television and recently released her autobiography, “Life is Not a Stage.” Henderson previously served as a spokeswoman for Oldsmobile, Polident, Tang, Rain Soft, Pepsi and Wesson Oil. The advertising campaign was created and produced by Indianapolis-based marketing firm Bohlsen Group.
Amylin Pharmaceuticals Inc. and Alkermes Plc have gained U.S. clearance for Bydureon, a once-weekly diabetes shot. Eli Lilly and Co. co-developed the drug, but ended its partnership with Amylin last year.
Drugmaker Eli Lilly and Co.'s Elanco animal health division plans to buy a privately held maker of feed-enzyme products that improve poultry, egg and meat production.
The lawsuit alleges Mitza Durham of Seymour received 58 checks or wire transfers from the indicted financier from February 2006 through November 2009.
Indianapolis Super Bowl organizers raised $28 million from 131 mostly corporate donors to put on the NFL’s showcase event by simply asking—and promising almost nothing in return.
Are there Hoosiers still waiting for 1950s-type manufacturing jobs or another Milan miracle?
Eli Lilly and Co. CEO John Lechleiter keeps pouring more money into research and development, even as analysts note the payoff of such spending has dropped off 70 percent in the last decade.
In 2011, large-capitalization, high-quality U.S. stocks significantly outperformed small-company stocks.
Eli Lilly and Co. has won approval of a $4.5 million settlement with five union health funds and an insurer that alleged improper marketing of the company's best-selling medication, Zyprexa, raised their costs.
Indianapolis-based Eli Lilly and Co. is now in the predicament of watching revenue fall as its patents on older products expire, even as the company needs to spend more money on marketing and research to boost sales of new drugs.
Fifty-three women from around the country are suing drug companies, including Eli Lilly and Co., who made and promoted DES for millions of pregnant women from about 1938 to the early 1970s.