Eli Lilly and Company is an innovation-driven biopharmaceutical company that aspires to make a significant contribution to humanity by improving global health in the 21st century. In this article, part of our Biopharma Frontiers series on how the pharmaceutical industry is evolving and how leaders can adapt, David A. Ricks, the chairman and CEO of Eli Lilly, discusses the opportunities and rewards for innovation and the implications for industry business models. This article is an edited summary of his conversation with McKinsey.