Eli Lilly Increases Indiana Investment to Over $13 Billion

Eli Lilly and Company has announced plans to construct a $4.5 billion facility in Indiana, adding to its growing list of industrial projects.

It's not every day that a new multi-billion-dollar project is announced in your state. Eli Lilly and Company's latest announcement in Indiana will not only bring more skilled job opportunities to Hoosiers, but it will also aid in the development of future life-saving medications. However, it will require some time and additional effort from the State of Indiana.

What Is Eli Lilly Known For?

Eli Lilly and Company is one of the largest companies headquartered in the State of Indiana. Founded by Colonel Eli Lilly in 1860, the pharmaceutical company develops, manufactures, and sells prescription drugs for humans and animals. Through the use of biotechnology, chemistry, and genetic medicine, Eli Lilly and Company—also known simply as "Lilly"—seeks to solve some of the world's most significant health challenges, such as diabetes and the fight against Alzheimer's disease.

For the last few years, the company has been steadily increasing its manufacturing commitments in Lebanon, Indiana. In May 2022, Lilly announced plans to invest $2.1 billion in two new manufacturing sites, followed by an additional $1.6 billion investment in April 2023. Once again, in May 2024, Lilly announced a further $5.3 billion initiative to increase the manufacturing capacity of active pharmaceutical ingredients for new diabetes and obesity medicines. Now, in October 2024, the company has unveiled yet another expansion.

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Eli Lilly Announces New $4.5 Billion Site

Eli Lilly and Company

On October 2, 2024, Eli Lilly and Company announced a $4.5 billion undertaking to create the "Lilly Medicine Foundry"—a new center for advanced manufacturing and drug development. According to a press release from the company, the Medicine Foundry will allow Lilly to optimize manufacturing processes, increase capacity for clinical trial medicines, reduce costs, and limit environmental impact. The new facility will be located in Indiana's LEAP Research and Innovation District in Lebanon, Indiana, expanding Lilly's total investment there to more than $13 billion.

"Lilly's continued investment in Indiana solidifies our state's role as a hub for cutting-edge science and technology," said Indiana Governor Eric J. Holcomb. "For nearly 150 years, Lilly has been committed to growing its roots and reach in Indiana, cultivating local talent, and driving scientific advancements that benefit patients around the world. I couldn't be more excited about the opportunities Lilly's Medicine Foundry will bring to communities throughout our great state."

Indiana Offers Eli Lilly and Company Investment Incentives

The state of Indiana will support the new site with infrastructure improvements for roads, water, electricity, and other utilities. Additionally, the state will offer economic incentives tied to Lilly's investment and employment goals in Lebanon. I reached out to the Indiana Economic Development Corporation (IEDC), which provided the following statement:

"Based on the company’s plans to hire 239 Hoosiers by 2030, the Indiana Economic Development Corporation (IEDC) contributed an investment of $456,227,788 to Eli Lilly and Company in the form of tax incentives," said Nathan Brown, spokesperson for the IEDC.

The Medicine Foundry is expected to create around 400 full-time jobs for skilled workers, including engineers, scientists, operations personnel, and lab technicians. The facility is slated to open by late 2027.