Biden: Other Insulin Makers Are ‘Gonna Have To Lower Their Price’
Speaking after Eli Lilly's decision to dramatically cut prices for some insulin products, President Joe Biden said other pharmaceutical companies will have to follow with their own price cuts. A report in Stat, however, reminds us that Eli Lilly's goal may be more complex than it appears.
Reuters:
Biden Says Other Companies Will Slash Insulin Prices After Eli Lilly Move
U.S. President Joe Biden said on Wednesday that other pharmaceutical companies will have to lower their insulin prices in the wake of Eli Lilly's decision to slash its prices for the popular diabetes treatment. Eli Lilly said on Wednesday it will cut list prices by 70% for its most commonly prescribed insulin products, Humalog and Humulin, beginning from the fourth quarter of this year. "Guess what that means?," Biden told Democrats gathered in Baltimore for an annual retreat. "Every other company making it, someone's gonna have to lower their price." (Hunnicutt, 3/1)
The Washington Post:
As Eli Lilly Slashes The Price Of Insulin, Here’s What To Know
The company’s announcement Wednesday comes as the Biden administration has pressed the industry to rein in prices, which have skyrocketed in recent years and weighed on lower- and middle-income people with diabetes. Congress authorized a $35-per-month cap for some seniors with Medicare coverage, but that does not help those with private insurance struggling to afford the lifesaving medication. Here are some key questions about the decision and what it means for consumers. (Mark, 3/1)
Stat:
Eli Lilly Cuts Prices For Some Insulin Products, But Some Are Wary
Stacie Dusetzina, a professor at Vanderbilt University School of Medicine, who researches pharmaceutical costs, worried that Lilly might be taking advantage of the huge spread between list prices and the prices insurers pay after Lilly pays them rebates. “This will be helpful to some consumers,” Dusetzina said. “It’s not clear to me how much of this is real cutting of the amount that Lilly makes on their insulins versus lowering the list price.” (Herper and Silverman, 3/1)
In other pharmaceutical and research news —
NBC News:
Ozempic Shortages? Some Pharmacists Not Stocking Weight-Loss Drug
While many pharmacists across the U.S. have struggled to get their hands on Ozempic, some haven’t bothered. Nate Hux, the owner of Pickerington Pharmacy in Ohio, stopped stocking the diabetes drug — which has soared in popularity, particularly for its off-label use as a weight loss aid — last summer. (Lovelace Jr. and Abou-Sabe, 3/2)
The Washington Post:
How A Cambodian Monkey-Smuggling Ring Could Worsen U.S. Lab Shortages
An ongoing shortage of monkeys used in scientific and medical experiments is about to get worse, as fallout continues from a federal investigation into an alleged primate-smuggling ring in Cambodia. Several major companies are warning of supply constraints, delays and higher prices that they say could eventually lead to bottlenecks in drug testing. However, industry analysts have expressed skepticism that the situation in Cambodia will have major impacts on research, with one saying “this is just going to be another handful of sand in the gears.” (Johnson and Gilbert, 3/1)
Bloomberg:
Asia’s Richest Man Mukesh Ambani To Foray Into DNA Testing With $145 Kit
The energy-to-ecommerce conglomerate will roll out within weeks a comprehensive 12,000-rupee ($145) genome sequencing test, according to Ramesh Hariharan, chief executive officer of Strand Life Sciences Pvt., which has developed the product. Reliance Industries Ltd., led by Asia’s richest person, acquired the Bengaluru-based firm in 2021 and now owns about 80% of it. (Rai and Sanjai, 3/2)
