Eli Lilly plans to cut insulin prices by 70% and cap monthly costs at $35 amid criticism for its prices.
About 3 in 10 diabetics in the U.S. rely on insulin from Eli Lilly, one of three drug companies, along with Novo Nordisk and Sanofi, that control the market for the drug. Since introducing their analog insulin products more than two decades ago, the three drugmakers have sharply raised prices for the medications, which control blood sugar more effectively than so-called human insulin.
Eli Lilly on Wednesday said it will cut the list price of its Humalog 100 units/mL1, its most commonly prescribed insulin, by 70%. The price cut will take effect during the fourth quarter of 2023, the company said in a statement. The list price of Humulin U-100 10 mL vials will drop from $148.70 to $44.61, it added.
The drugmaker said it will also cut the list price of its non-branded insulin, called Insulin Lispro Injection 100 units/mL, to $25 a vial, which will go into effect on May 1. That amounts to a lower price than a vial of Humalog in 1999, the company noted. "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," said CEO David A. Ricks in a statement.Eli Lilly also said it will cap out-of-pocket costs at $35 at participating retail pharmacies for people with insurance who are prescribed the company's insulin.
The price cuts come after the Biden administration's Inflation Reduction Act capped the price of insulin at $35 a month for enrollees in Medicare, the health insurance plan for people who are 65 or older.
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