Boston, MA 06/03/2014 (wallstreetpr) – The drug company Eli Lilly and Co (NYSE:LLY) is witnessing overwhelming demand for its products especially in the diabetes management area. As such, the company has moved to increase its production capacity to meet the growing demand for its diabetes products.
In the latest move, the company announced plans to invest $400 million to add two insulin new production lines at its Indianapolis facility. The two production lines will boost the production of the popular insulin pens.
According to the company officials, the new production lines will pump as many as 600 cartridge units per minute. Eli Lilly and Co (NYSE:LLY) anticipates the construction work for the new cartridge lines to finish by 2016. The cartridges from the two new facilities will be shipped to markets across the U.S. and worldwide.
Eli Lilly is a global leader in the diabetes treatment. The company’s well-known diabetes drug, insulin, was introduced in 1923, and it has had tremendous success in supporting the management of diabetes.
New Product Launches
According to the company officials, Eli Lilly and Co (NYSE:LLY) continues to develop new products to boost its diabetes treatment portfolio, especially in the face of the prevalence of diabetes cases among the people.
In the U.S., for instance, the national diabetes statistics reveal that almost 26 million people have diabetes and as many as 7 million are unaware they are diabetic.
According to Enrique Conterno, Eli Lilly SVP and President of Lilly Diabetes, the company expects to launch a number of new diabetes treatment products in the next couple of years. The company also has plans to increase its manufacturing capacity to ensure that global diabetes treatment supply are effectively met as the company continues its competitive edge in delivering quality drugs.
Bottom Line
In enhancing its capacity and launching new products, Eli Lilly and Co (NYSE:LLY) expects to improve the quality of life of patients around the world. The company also expects to create value for its shareholders. As such, as Eli Lilly puts its cash to new investments, the company is also trying to adjust its costs and expenses to support cost-savings so as to lend support to its bottom line.
