Posted by Michael Wonder on 01 Feb 2017
Eli Lilly CEO: We're not jacking up our drug costs for profit
1 February 2017 - Eli Lilly CEO: Looking for 'market based solutions' on drug costs Eli Lilly CEO: Looking for 'market based solutions' on drug costs
Eli Lilly's growth is not fuelled by increasing drug costs, CEO David Ricks told CNBC on Wednesday, a day after he and other Big Pharma leaders met with President Donald Trump at the White House.
Appearing on "Squawk Box," Ricks defended Lilly against charges that drugmakers actively try to inflate costs for profit, using the firm's earnings, released on Tuesday, to support his position.
"Price played a 1% role in pharmaceutical growth that was 9%," said Ricks, who became CEO last month. "Pricing gets a lot of press, but it's actually not playing a key role in our return to growth."
"We're trying to drive volume with new therapies," he said.
