The approval of Exubera#174; (inhaled PEGylated insulin) for the treatment of diabetes highlights the vogue for and potential for commercial success in reformulating existing therapies for pulmonary delivery. This article focuses on the proprietary mechanisms utilised by specialist biotechnology companies for the pulmonary delivery of reformulated insulin. In doing this, it also profiles three speciality drug-delivery companies with pulmonary delivery expertise - Nektar Therapeutics, Aradigm and Alkermes - and the partnering approach they have taken in commercialising their technologies. A range of pulmonary therapies are in clinical development, targeting profitable but competitive disease areas, and these are outlined in the three profiles.