Lilly to Invest $72 Million for Insulin Manufacturing Upgrade
The $72-million investment, part of a larger $850-million investment into its US operations, will allow the drugmaker to replace an outdated insulin vial-filling line and to upgrade technology at its Indianapolis manufacturing plant.
Eli Lilly and Company announced plans on Oct. 23, 2017 to invest $72 million to upgrade one of its insulin manufacturing facilities in Indianapolis, IN. The investment, part of an anticipated $850-million investment the company plans to make in 2017 for capital projects in the United States, will be used to replace an existing insulin vial-filling line and allow the company to meet growing demand for its insulins, including Humalog (insulin lispro) and Humulin (human insulin). In addition, the $72-million investment will be used to upgrade technology at the site and to prepare the site for the company’s insulin pipeline. The company announced its $850-million capital investment plans in March 2017.
Insulin is a core product in Lilly's diabetes franchise, of which the US manufacturing operations are an integral supply base. Replacing the existing line at the Indianapolis site will allow the company to install a new insulin vial-filling line, including new technology, that will modernize insulin manufacturing operations.
Lilly has invested more than $1.2 billion since 2012 to strengthen its diabetes product manufacturing operations in the US. The company has invested $5 billion overall into US facilities in the past decade. The company plans to continue investing in its US operations, particularly if favorable tax reform measures are enacted, it stated in a company press release.
"As technology and science continually advance, it is important that our manufacturing facilities are recapitalized and modernized regularly to ensure we can continue to provide a reliable supply of safe and high-quality medicines to people around the world," said Maria Crowe, president of Lilly Global Manufacturing Operations, in the company press release.
"The current US tax reform proposal, developed by the White House and congressional Republicans, would cut the corporate tax rate to 20%, put in place a territorial system, and maintain tax credits for research and development. If enacted, these proposed reforms would go a long way toward leveling the playing field for American workers and businesses competing against their foreign peers," said David A. Ricks, Lilly's chairman and CEO, in the release.
Source: Eli Lilly and Company
