One of the most dramatic and important achievements of the last century was the discovery of insulin in 1921, at the University of Toronto. Remarkably, the patent for it was sold for $1. Today, a single vial of long-acting insulin analogue costs almost $200 in the US. North America has 7% of the world’s diabetic population but accounts for more than 50% of insulin sales – whereas China accounts for 25% of the world’s diabetic population but accounts for only 4% of the sales. The total value of insulin sold worldwide last year is estimated to have been $20 billion.