Eli Lilly to invest further $700 million to boost insulin production

US pharma major Eli Lilly (NYSE: LLY) plans to invest more than $700 million to enhance its global insulin manufacturing capacity in Puerto Rico, France and China, as well as in Indianapolis, home to Lilly's global headquarters.

Today's (November 14) news raises Lilly's manufacturing commitment in the past year to more than $1 billion in planned investments in response to the growing diabetes epidemic and increasing demand for insulin around the world, the company noted. Nearly half of the $1 billion investment will improve Indianapolis sites, where Lilly has been manufacturing insulin since it introduced the first commercially available insulin product in 1923.

According to the International Diabetes Federation (IDF) - which today released the latest diabetes prevalence numbers - diabetes is a significant and growing global problem, with high and increasing costs to society and to individuals. The IDF also noted that all types of diabetes are on the rise, with the number of people with type 2 diabetes increasing most dramatically.