In what has so far been a huge day for health care news, we heard two important announcements in the type 2 diabetes space. Eli Lilly (NYSE:LLY) announced positive top-line data in its phase 3 trial of empagliflozin, which means the company will be retaining a potential diabetes blockbuster in its pipeline, something Eli Lilly needs as other big drugs are going over patent cliffs. Also, Johnson & Johnson (NYSE:JNJ) is taking its drug in the same space, Invokana, before an FDA advisory committee on Thursday. In this video, Motley Fool health care bureau chief Brenton Flynn tells us why these two drugs have such huge potential -- and what risks they face.

Brenton Flynn has no position in any stocks mentioned. The Motley Fool recommends Johnson & Johnson. The Motley Fool owns shares of Johnson & Johnson. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.