All-In with Chamath, Jason, Sacks & Friedberg Inside the GLP-1 Gold Rush: Eli Lilly CEO on New Breakthroughs, Addiction & Mental Health, Pricing
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Sep 29, 2025 
In a lively discussion, Dave Ricks, CEO of Eli Lilly, shares insights from his leadership in developing GLP-1 medicines, including tirzepatide. He dives into the significant impact of these drugs on weight loss and unexpected benefits for addiction and mental health. Ricks addresses the challenges of counterfeit products, pricing dynamics, and the biotech funding landscape. He also explores the future of pharma breakthroughs, highlighting brain diseases as the next frontier, while advocating for better public health policies and patient empowerment through AI.
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Balance Price Cuts With R&D Funding
- Lilly commits to lowering out-of-pocket costs and aims to reduce list prices over time.
- The company warns pricing must still fund R&D, noting they spend ~25% of sales on research.
Reinvesting Windfall To Secure Future Innovation
- Lilly chose to reinvest windfall cashflows into R&D, supply chain, and acquisitions rather than only return capital.
- They are building numerous U.S. plants to secure injectable drug supply and create domestic manufacturing jobs.
Why Biotech Funding Cratered
- Biotech funding collapsed from peak due to investor crowding by AI, poor post-IPO returns, and Chinese competitive tactics.
- China uses rapid derivative chemistry and AI to design around patents, pressuring valuations and incumbents.