PharmaTelevision - Eli Lilly: The Issues With Drug Development and Regaining the Public's Trust

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Video title: Eli Lilly: The Issues With Drug Development and Regaining the Public's Trust

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In this episode of PharmaTelevision News Review, Paul Larsmon talks with Gino Santini, Vice President, Corporate Strategy, at Eli Lilly.

Filmed at BIO-Europe 2009, they discuss:

• Eli Lilly's CEO's controversial statement on drug development
• how to fix the fundamental issues with drug development
• motivation behind mergers
• how biotechs can impress Eli Lilly
• how Eli Lilly can help biotechs
• regaining the public's trust by increasing transparency
• justifying the cost of new drugs

Full video transcripts are available with PharmaTelevision Premium Content. Click here to buy a subscription or sign up for a 14 day free trial.

Eli Lilly CEO's controversial statement on drug development.

Paul Larsmon:

Hello and welcome to BIO-Europe 2009 here in the Austrian capital of Vienna. With me is Gino Santini, who is Senior Vice President of Corporate Strategy and Business Development at Eli Lilly, Gino Santini welcome. Your CEO has just said that the historical approach to drug development is broken and that's quite a big statement, what do you mean by that?

Gino Santini:

Well I think the joint statement comes from a very clear observation with all the investment that both big pharma and including biotech is making on innovation, right now we are at the point where it becomes more and more difficult to replace all the products that we lose patent in the next two-years more specifically about big pharma for instance when you think about the budgets that we spend every year and the number of new molecular entities that budget manages to produce in line to the marketplace that you can say that the performance is pretty poor. And a number of reasons for that, one is the regulatory environment has become more challenging with the FDA and other one number of companies have had more than in the past more failures in the late phases of development where the success rate of products in Phase III has decreased significantly in the last few years. And all of that has increased the average cost of what putting a molecule to market. On top of it you also have a challenge that where accounted to the past when you have a patent of product that is approved by the FDA, you put it on the market and you have a reasonable expectation of commercialize success, now commercial success has become just as risky as, as the technical success because of the old challenges from payers and around the world and in the US. So this business has become a lot more difficult, so an imperative is to how do you continue to create innovation which we believe exist and the opportunity is still there money in a much more efficient and effective way.

Full video transcripts are available with PharmaTelevision Premium Content. Click here to buy a subscription or sign up for a 14 day free trial.

Gino Santini
Vice President, Corporate Strategy
Eli Lilly

Eli Lilly

We were founded by Eli Lilly in 1876, and are now the 10th largest pharmaceutical company in the world. We have steadfastly remained independent, but not isolated. Across the globe, Lilly has developed productive alliances and partnerships that advance our capacity to develop innovative medicines at lower costs. Lilly is consistently ranked as one of the best companies in the world to work for, and generations of Lilly employees have sustained a culture that values excellence, integrity, and respect for people.