Eli Lilly and Company (NYSE: LLY) will supply its active pharmaceutical ingredient (API) for human insulin at a reduced price to International Agencies (Bangladesh) Ltd. (IABL) in an effort to increase patient access and improve affordability for high-quality insulin for nearly one million people living with diabetes in Bangladesh by 2030.
| Lilly offers its human insulin API at reduced price to IABL to support insulin production in Bangladesh INDIANAPOLIS and DHAKA, Bangladesh, Feb. 13, 2023 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) will supply its active pharmaceutical ingredient (API) for human insulin at a reduced price to International Agencies (Bangladesh) Ltd. (IABL) in an effort to increase patient access and improve affordability for high-quality insulin for nearly one million people living with diabetes in Bangladesh by 2030. IABL will formulate, fill and finish human insulin vials and cartridges under its own trademark and brand name by 2025. The IABL-produced insulin will be exclusively for the Bangladesh market. “Lilly is committed to addressing the critical gaps in access to essential medicines for people living with diabetes in low- and middle-income countries,” said Ilya Yuffa, president of Lilly International. “Through collaborations like this one with IABL, we are working to reduce barriers to access and ensure ongoing production and uninterrupted supply of insulin so that a greater number of patients can live healthier lives.” Addressing the impact of diabetes has been at the heart of Lilly’s purpose for more than a century. This is the second recent collaboration aimed at ensuring access to high quality, reduced cost insulin and improving diabetes care across the world. In December 2022, Lilly announced an agreement with EVA Pharma to enhance sustainable access to affordable insulin in 56 low- and middle-income countries, mostly in Africa. Both are part of Lilly’s 30x30 initiative, which aims to improve access to quality healthcare for 30 million people living in limited-resource settings, annually, by 2030. These collaborations are in line with the private sector asks in the World Health Organization’s Global Diabetes Compact, a global initiative to support countries in implementing effective programs for the prevention and management of diabetes. Today, people with diabetes can also access more than 150 Lilly patient support programs across 51 countries, reaching close to two million people each year. “We are very pleased that Lilly has made their world-class insulin crystals available to IABL so that we can manufacture and supply the highest quality insulin to people living with diabetes in Bangladesh,” said Mr. Swapan Kumar Modak, managing director and CEO of IABL. “Local manufacturing of human insulins will help meet the insulin demand in Bangladesh and reduce the cost of diabetes treatment and disease complications.” According to the IDF Diabetes Atlas, 13.1 million people are living with diabetes in Bangladesh and this number is expected to increase to about 22.3 million by 2045. Through the Lilly 30x30 initiative, Lilly is active in Bangladesh in additional capacities, including nonprofit collaborations to help improve health outcomes for children and adolescents living with chronic, non-communicable diseases (NCDs), and to provide high-quality diabetes care and treatment for children with type 1 diabetes. “This agreement has a remarkable potential to reach more patients with locally manufactured human insulins using Lilly’s API and augment the company’s Lilly 30X30 vision to transform communities and make life better for people around the world,” said Vineet Gupta, associate vice president and managing director of Lilly India and alliances. “As a company, Lilly remains committed to delivering breakthrough outcomes for people with diabetes, including in resource-limited settings.” About Lilly Lilly unites caring with discovery to create medicines that make life better for people around the world. We’ve been pioneering life-changing discoveries for nearly 150 years, and today our medicines help more than 47 million people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world’s most significant health challenges, redefining diabetes care, treating obesity and curtailing its most devastating long-term effects, advancing the fight against Alzheimer’s disease, providing solutions to some of the most debilitating immune system disorders, and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we’re motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/newsroom or follow us on Facebook, Instagram and LinkedIn. I-LLY About IABL International Agencies (Bangladesh) Ltd. (IABL) group is one of the largest healthcare providers in Bangladesh. IABL group (Established in 1977) has a long & strong heritage of 44 years in healthcare sector of Bangladesh including diabetes. More than 44 years later, we remain committed to compliance & ethics through every aspect of our business and the people we serve starting with those who take our medicines and extending to health care professionals, employees, and the communities in which we live. IABL group is marketing several lifesaving drugs in Bangladesh to serve the community. Our prime objective is to serve the nation. We harness healthcare trends continuously offering innovative, convenient, and safe products for all customers. IABL group has represented many multinationals in Bangladesh like Sclavo Diagnostics, Novo Nordisk, Swiss Serum & Vaccine Institute, Smith & Nephew (UK). Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about a collaboration between Lilly and IABL and its potential benefits and reflects Lilly’s current beliefs and expectations. However, as with any such undertaking, there are substantial risks and uncertainties in the process of drug research, development and commercialization. Among other things, there can be no guarantee that Lilly will realize the expected benefits of the collaboration, that the collaboration will succeed, or that Lilly will execute its strategy as expected. For further discussion of these and other risks and uncertainties that could cause actual results to differ from Lilly’s expectations, see Lilly’s Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.
SOURCE Eli Lilly and Company; IABL | ||||||
Company Codes: NYSE:LLY |
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