Eli Lilly CEO: Drug importation not ‘serious solution’

Importing drugs from Canada is not a good solution for American consumers, says Sidney Taurel, chairman, president, and CEO of Eli Lilly and Company. Taurel was asked his thoughts on cross-border drug imports during a Distinguished Speaker Series talk to students on October 20 at the Hyde Park Center. The talk was part of the Distinguished Speaker Series, sponsored by the Graduate Business Council.

“[Importing drugs] is not a serious solution to the problem of drug prices because you cannot have the $8 billion Canadian market be the channel or conduit for the $190 billion U.S. market,” he said. “Importing drugs from Canada is really all about importing price controls. Responsible politicians should look at having a debate on the pros and cons of price controls rather than abdicating that responsibility by advocating importing the effect of price controls decided by others.”

Read a conversation with Sidney Taurel in the 10/28/04 issue of Chicago Business.