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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Long Bet On GLP-1s Paid Off
- Eli Lilly began GLP-1 work in 2006 and iteratively improved formulations over 18 years.
- A 2014 discovery combining GLP-1 with an appetite peptide led to tirzepatide and surprising weight-loss results in early trials.
Gray Market Fueled By High Out-Of-Pocket Costs
- Gray-market peptide synthesis in China and compounding created widespread non-prescription supply.
- This arose because high out-of-pocket costs and limited insurance coverage pushed people to seek alternatives.
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.