Founding edit Main article: Eli Lilly Colonel Eli Lilly (1838–1898), a Union Army officer who founded the company in 1876 The company was founded by Colonel Eli Lilly , a pharmaceutical chemist and Union Army veteran of the American Civil War . Lilly served as the company president until his death in 1898. [18] In 1869, after working for drugstores in Indiana, Lilly became a partner in a Paris, Illinois -based drugstore with James W. Binford. [19] Four years later, in 1873, Lilly left the partnership with Binford, and returned to Indianapolis . In 1874, Lilly partnered with John F. Johnston, and opened a drug manufacturing operation called Johnston and Lilly. Two years later, in 1876, Lilly dissolved the partnership, and used his share of the assets to open his own pharmaceutical manufacturing business, Eli Lilly and Company, in Indianapolis. [20] [21] The sign outside, above the shop's door...