Need for changes and policies that encourage medical innovation stressed by Lilly CEO at US/Japan meeting

In remarks to the US/Japan Business Council yesterday in Tokyo Japan, John Lechleiter, chairman, president and chief executive of US drug major Eli Lilly (NYSE: LLY) outlined two imperatives to secure the future of the research-based pharmaceutical industry and help stimulate the global economy: changing the way companies conduct research - or "reinventing invention" - and implementing public policies that promote an environment in which medical innovation can thrive.

Dr Lechleiter said that innovation is a key element in "re-energizing our economies and meeting the growing needs of aging populations." He added that the aging of society has progressed farther in Japan than anywhere else in the world and that poses a particular challenge:

• As of September 2010, Japan counted nearly 45,000 people over the age of 100.
• According to a United Nations survey, by 2050 Japan is expected to have 272,000 centenarians, although some predict the number could be closer to 1 million, and 40% of the Japanese population will be 65 or older.
• As Japan ages, demand for medical care will triple in the next 25 years, according to the international consulting firm McKinsey & Co.