Eli Lilly and Company (NYSE: LLY), a United States-based pharmaceutical company, announced on Monday that the company is collaborating with International Agencies (Bangladesh) Ltd. (IABL).

Under the collaboration, Eli Lilly is to provide its active pharmaceutical ingredient (API) for human insulin at a reduced price to International Agencies (Bangladesh) Ltd in an effort to raise patient access and improve affordability for high-quality insulin for around one million people living with diabetes in Bangladesh by 2030.

IABL is formulating, filling and finishing human insulin vials and cartridges under its own trademark and brand name by 2025. The IABL-developed insulin is being exclusively developed for the Bangladesh market.

Ilya Yuffa, Lilly International president, said, 'Lilly is committed to addressing the critical gaps in access to essential medicines for people living with diabetes in low- and middle-income countries. Through collaborations like this one with IABL, we are working to reduce barriers to access and ensure ongoing production and uninterrupted supply of insulin so that a greater number of patients can live healthier lives.'