Ben Gilbert: belief

Transcript context

…Absolutely. Eli Lilly had Insulin on the American market available to patients at this point in time. How does this actually turn into a Nordisk? Before we do that, I want to pick up the thread that we left earlier with our new friends at JP Morgan Payments. Yes. David, the founding of Nordisk, how does it happen? The Lion's Chemical Factory at this point has established a new production line for Insulin. But it's unclear, do they own this production line, do the Kroghs, does Hagedorn, is the University of Toronto involved? Krogh and Hagedorn are consulting on it. When Hagedorn makes this decision to go full time, what actually happens is he becomes an employee of Lion's Chemical, which isn't really what he wants. August Krogh steps back, and he returns to his other research at the University of Copenhagen. Once Insulin starts rolling off the line later that summer under the brand name Insulin Leo, like Lion's Chemical Factory, they use the brand name, that would continue to be Nordisk's Insulin brand name for the next 60 years, I think. Pretty quickly, demand is just off the charts. They are, like talked about, essentially the first mover in continental Europe. So there's a pretty enormous opportunity here. In 1924, Krogh, Hagedorn, and Kongsted, who owns Lion's Chemical, all come to an agreement. They're going to set up a new, independent, and self-owning institution to produce and distribute this Insulin throughout Europe. What does that mean? Still not a company, because other than Kongsted from Lion's Chemical, Krogh and even Hagedorn at this point, are not particularly commercially minded.…

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