Eli Lilly has announced 70% price cuts on its most prescribed insulin. The move comes as Eli Lilly and other insulin makers face ongoing criticism about high prices driving some diabetics to ration the life-saving drug. Effective immediately, the company is capping out-of-pocket costs for its most popular insulin products at $35 per month. The cap automatically applies to people with private insurance. People without insurance will be eligible as long as they sign up for Eli Lilly’s copay assistance program.
Beyond that, the price of a Humalog 100 units vial will be cut to $66, down from $274. That will start in October. Why is this significant? Eli Lilly and two foreign pharmaceutical companies – Novo Nordisk and Sanofi – control the entire insulin market.
The White House is applauding the company for capping insulin costs. Press Secretary Karine Jean-Pierre said it’s an important piece of progress toward lowering healthcare costs for all Americans. The price cut is something President Biden has been pushing pharmaceutical companies to do.
Source: NBC News