Lilly CEO says industry and public policy must pave way for innovation

A new approach to research, along with public policies that support medical innovation, will help biopharmaceutical companies address stubborn diseases with potentially devastating personal and financial consequences, such as cancer and Alzheimer's disease, according to John Lechleiter, chairman, president and chief executive of Eli Lilly (NYSE: LLY), speaking at a keynote address at The Economist's 2011 Pharma Summit: Reinventing Pharma for a New Generation, held in London, UK, yesterday.

During his talk, Dr Lechleiter said two imperatives are needed to secure the future of the research-based pharmaceutical industry: changing the way companies conduct research, and public policies that promote an environment in which medical innovation can flourish.

The burden of several diseases is soaring in many countries, including the UK. According to the Alzheimer's Research Trust, for instance, more than 800,000 people in the UK are directly affected by dementia at a cost of £23 billion ($36.9 billion) a year.