Eli Lilly CEO asks: 'Are we getting our money's worth from medical innovation?"

The value of medical innovation - particularly innovative medicines - far outstrips its cost, according to John Lechleiter, chairman, president and chief executive of US drug major Eli Lilly (NYSE: LLY), speaking to the Dallas Friday Group last week. Dr Lechleiter marshaled data showing that medical innovation over the past century dramatically extended life spans, improved quality of life, and boosted productivity.

So far, the health care debate has revolved around access, quality, and cost - all of which need to be addressed, said Dr Lechleiter, adding: "But, we'll never improve in any of these areas - in fact, we risk going backwards - without taking into account two fundamental game-changers: “innovation and value."

By tackling diseases that had been impervious to medicine throughout human history, for example, medical innovation helped life expectancy rise by more than 30 years in the 20th century – an unprecedented 66% increase in life. Thanks to medical technology – including innovative medicines, since 1975, Americans' death from heart disease has declined by nearly 60%, and five-year survival rates for cancer have expanded from 50% to nearly 70%, he said.