Eli Lilly has halted construction of a new insulin plant in Virginia to focus its resources on biotech products, it says. States have tried hard in recent years to lure pharmaceutical manufacturing facilities. After all, what could be better than having a big-spending drug company put down roots in your state? Unfortunately, things can change in a hurry.
Massachusetts politicians from both sides of the aisle have been patting themselves on the back for luring BMS to the state to build a biotech plant. A lot of public money is being committed on the assumption of a guaranteed payback. As I’ve mentioned (Let’s hope BMS can keep Hummingbird’s wings flapping!) I hope it doesn’t turn into a white elephant.January 12, 2007