Lilly Slashing Price Of Insulin By 70%, Will Cap Monthly Costs At $35
The company said the changes take effect immediately and include two of its most popular drugs, Humalog and Humulin. The move comes on the heels of President Joe Biden's State of the Union speech last month that pressed for the $35 monthly cap to be expanded beyond Medicare to include every diabetes patient.
The Wall Street Journal:
Eli Lilly To Cut Prices Of Insulin Drugs By 70%
Eli Lilly & Co., facing pressure to curb diabetes-treatment costs, will cut the list prices for its most commonly prescribed insulin products by 70% and take other steps to make it easier for patients to afford the drugs. The Indianapolis-based company said Wednesday the 70% price cuts will take effect in the fourth quarter for Humalog and Humulin, its two biggest-selling insulin products. (Loftus, 3/1)
Forbes:
Eli Lilly Slashes Insulin Prices Up To 70% And Caps Out-Of-Pocket Costs To $35
As part of today’s announcement, Lilly said that it will automatically cap the out-of-pocket costs for its insulin products at $35 a month for those with commercial insurance. Patients without insurance can apply for the company’s Insulin Value Program, which also entitles them to a cap of $35 per month for the company’s insulin products. (Knapp, 3/1)
NBC News:
Drugmaker Eli Lilly Caps The Cost Of Insulin At $35 A Month, Bringing Relief For Millions
The move, experts say, could prompt other insulin makers in the U.S. to follow suit. The change, which Eli Lilly said takes effect immediately, puts the drugmaker in line with a provision in the Inflation Reduction Act, which last month imposed a $35 monthly cap on the out-of-pocket cost of insulin for seniors enrolled in Medicare. Insulin makers continue to face pressure from members of Congress and advocacy groups to lower the cost of the lifesaving medication. Insulin costs in the U.S. are notoriously high compared to the costs in other countries; the RAND Corporation, a public policy think tank, estimated that in 2018, the average list price for one vial of insulin in the U.S. was $98.70. (Lovelace Jr., 3/1)
CBS News:
Eli Lilly To Cut Insulin Prices, Cap Out-Of-Pocket Costs At $35
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 company said that the list price of Humalog U-100 10 mL vials will drop from $274.70 to $66.40. (Picchi, 3/1)
AP:
Lilly Plans To Slash Some Insulin Prices, Expand Cost Cap
Lilly CEO David Ricks said in a statement that it will take time for insurers and the pharmacy system to implement its price cuts, so the drugmaker will immediately cap monthly out-of-pocket costs at $35 for people who are not covered by Medicare’s prescription drug program. That cap applies to people with commercial coverage. Lilly said people without insurance can find savings cards to receive insulin for the same amount at its InsulinAffordability.com website. (Murphy, 3/1)
