Development of new products
With offices in 89 countries and the product line offered in almost 143 countries, Eli Lilly focuses its attention to the global economy and is a firm supporter of international efforts on trade agreements that will protect the patent for pharmaceutical products (Eli Lilly, 2008). The company is also in the process of working with the United States and countries abroad, to provide the people with access to the medicines that they need.
The company currently offers seniors and low-income patients with discounts to drugs and has also donated products that provided treatment for more than 400,000 people in the United States alone (Eli Lilly, 2008) The company is dedicated to global philanthropy by contributing over $511 million to helping people afford their products. Eli Lilly partners with the World Health Organization to help eliminate Tuberculosis throughout the world. The company is currently in the process of sharing its knowledge, technology and treatment options to help saves lives from this disease (Annual, 2006). L. General Management
Eli Lilly’s mission statement is clear, “to provide breakthrough medicines and medical expertise that enable people to live longer, healthier, and more active lives” (Corporate, 2006, p. 1). There are three ways in which Eli Lilly carries out its mission. These include conducting business to the highest standards in producing medicines and in being a good corporate citizen (Corporate, 2006). The company’s corporate values include having respect for all persons involved in its business, abiding by all laws and regulations, and to provide high-quality products to its customers around the world (Corporate, 2006).
Lilly’s production not only provides drugs to patients but helps lower the overall cost of health care. Eli Lilly develops products that can help eliminate surgeries, reduce the amount of stays in hospitals, and prevent diseases in the future. Lilly currently supports two programs–Lilly Cares and Lilly Answers–to help provide services to all patients without regard to ability to pay. The company is dedicated to increase the amount of research and development of new medicines to carry out this mission of increased wellness.
In 2006, the company spent more than $3 billion toward research and development of new products. This number has increased by almost 45% since 2002. Please see Table 4 for the breakdown of this investment (Corporate, 2006). In order for Eli Lilly to have continued success, the effort and spending in research and development must continue at the level at which its is currently operating. One of the main sources of productivity growth is the investment in its employees and technology, which will improve demand for its products and services.