Eli Lilly cuts the price of its most commonly prescribed insulin

Drugmaker Eli Lilly is cutting the price of its most commonly prescribed insulins by 70% and capping monthly outlays at $35 at participating pharmacies for people with private insurance. As the drug’s prices have skyrocketed in recent years, the changes could help the millions of Americans who use insulin daily to treat diabetes.

“While the current health care system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change,” Lilly’s CEO said Wednesday. David Ricks, in a statement, adding that his price reduction should “should make a real difference for Americans with diabetes.”

More than 37 million Americans have diabetes, and many are prescribed insulin – a hormone produced in the pancreas – because their body doesn’t produce it or use it properly. According to the American Diabetes Association, prices for some popular types of insulin, which are typically taken daily, have tripled over the past decade. The high cost of insulin has prompted some Americans to ration this life-saving drug.

Among the changes announced on Wednesday, Lilly said it would cut the price of its Humalog and Humulin insulins by 70% in the last three months of this year. The company is also slashing the price of its generic version of Humalog to $25 a bottle, from around $82, effective May 1.

Additionally, Lilly is expanding its program that caps out-of-pocket spending on insulin at $35 per month at participating retail pharmacies. The program previously only covered people without insurance, but from Wednesday it will automatically apply to people with commercial insurance, Lilly said.

Eli Lilly is one of the top three insulin producers, along with Novo Nordisk and Sanofi. Together, the three companies are estimated to control more than 90% of the global insulin market.

The American Diabetes Association hailed Eli Lilly’s decision and encouraged other insulin makers to do the same.

“We commend Eli Lilly for taking an important step to limit the cost sharing of its insulin, and we encourage other insulin manufacturers to do the same,” ADA CEO Charles Henderson said Wednesday. in a press release. “We will work to ensure Eli Lilly’s Patient Assistance Program benefits patients as intended and will continue the fight to ensure that everyone who needs insulin has access to it.”

Last month, President Joe Biden called on Congress to cap the price of insulin for all people with diabetes. THE Inflation Reduction Actsigned into law in August, reduced insulin prices to $35 for Medicare beneficiaries early this year.

The information in this article is for educational and informational purposes only and is not intended to constitute medical or health advice. Always consult a physician or other qualified health care provider with any questions you may have about a medical condition or health goals.