Eli Lilly to invest $850M in US operations this year

Indianapolis-based Eli Lilly and Co. will invest $850 million to expand its U.S. operations in 2017, reports Reuters.

The drugmaker on Friday said it would make investments in research laboratories and manufacturing sites, mostly geared toward the development of its diabetes treatments, according to the report.

Eli Lilly's new strategy follows President Donald Trump's call to bring manufacturing — for drugs and other products — back to the U.S.

CEO David Ricks said he'd make even more investments in the U.S. if the nation offered more favorable tax laws for companies, according to the report.

"The equitable treatment of foreign earnings, a lower U.S. corporate tax rate and U.S. innovation incentives — similar to the rest of the world — will encourage significant investment," Mr. Ricks told Reuters.

More articles on supply chain:

Viewpoint: Why Americans are too focused on high drug costs
Sen. Sanders eager to partner with Trump on drug cost legislation
4 latest FDA approvals

Copyright © 2022 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.