Drugmaker Eli Lilly is slashing prices of its most commonly prescribed insulins by 70% and capping monthly costs at $35 at participating pharmacies for people with private insurance. The changes could help millions of Americans who use insulin daily to treat diabetes, as the price of the drug has skyrocketed in recent years.
“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 needs to change,” Lilly’s CEO said Wednesday. David Ricks added in a statement that his price cut “should make a real difference for Americans with diabetes.”
More than 37 million Americans have diabetes, and most of them are prescribed insulin, a hormone produced in the pancreas, because their bodies either don’t make it or don’t use it properly. According to the American Diabetes Association, the price of some popular types of insulin, usually taken daily, has tripled over the past decade. The high cost of insulin has pushed some Americans to use this life-saving drug.
Among the changes announced Wednesday, Lilly said it would cut the prices of its Humalog and Humulin insulins by 70% in the final three months of this year. The company is also dropping the price of the generic version of Humalog to $25 a bottle starting May 1, from about $82 a bottle.
In addition, Lilly is expanding its program that caps insulin costs at $35 a month at private pharmacies. The program previously only covered people without insurance, but starting Wednesday it will automatically apply to people with commercial insurance, Lilly said.
Eli Lilly, along with Novo Nordisk and Sanofi, is one of the top three insulin manufacturers. Together, the three companies are believed to control more than 90% of the global insulin market.
The American Diabetes Association applauded Eli Lilly’s decision and urged other insulin manufacturers to follow suit.
“We applaud Eli Lilly for taking this important step to limit insulin cost-sharing, and we encourage other insulin manufacturers to do the same,” ADA CEO Charles Henderson said Wednesday. in a press release. “We will continue to work to ensure that Eli Lilly’s patient care program benefits patients in a targeted manner and will continue to fight to ensure access to insulin for everyone who needs it.”
Last month, President Joe Biden called on Congress to cap insulin prices for all people with diabetes. THE The Inflation Reduction Actwas signed into law in August, lowering insulin prices to $35 for Medicare beneficiaries earlier this year.
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