Diabetes has become lucrative. The rapid spread of the disease has ensured a big financial opportunity for drug companies looking to cash in on people's misery.

Pfizer Inc. plans to debut Exubra, its new inhaled insulin treatment, in July, and Merck & Co., Novartis AG and Eli Lilly and Co. are awaiting FDA approval for new diabetes products that could generate hundreds of millions of dollars in sales.

"I think it's intensely competitive," said John C. Lechleiter, president and chief operating officer of Indianapolis-based Lilly, which began offering Byetta, an injectable diabetes treatment last year. "Many companies that would not have said they were engaged in diabetes research 10 years ago are squarely there now," he said.

Will this lead to better, more plentiful treatment options? Only time will tell.

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