Eli Lilly unit raises prices on ractopamine, farm animal drugs

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Eli Lilly unit raises prices on ractopamine, farm animal drugs

By P.J. Huffstutter CHICAGO (Reuters) - Eli Lilly & Co.'s Elanco Animal Health unit will raise the price of its beta-agonist feed supplements by 2 to 3 percent on November 26 amid strong demand from beef feedlots, a company spokeswoman told Reuters on Wednesday. The price increase - which the company said will apply to all of Eli Lilly's products for cattle, hogs and other food animals - comes amid strong demand for its Optaflexx ractopamine-based feed additive for cattle, which helps bulk up the amount of meat on a beef carcass prior to slaughter. The move is part of a review of its agricultural product pricing, market conditions and production costs that Elanco regularly conducts for all products, said company spokeswoman Colleen Parr Dekker. The price increase, though, will not apply to newer non-betagonist products released in 2012 or this year, she said.

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