President Biden hailed Eli Lilly & Co. on Wednesday for capping out-of-pocket costs for insulin at $35, a move that aligns with a key priority for the administration.
The drugmaker said it will automatically limit the price to $35 for people on private insurance and offer a savings card for the uninsured who need access to insulin.
Mr. Biden and Democratic allies capped out-of-pocket insulin costs at $35 for seniors on Medicare as part of the tax-and-climate legislation last year. But they were unable to extend the benefit to everyone because of Senate budget rules and GOP opposition.“Last year, I signed a law to cap insulin at $35 for seniors and I called on pharma companies to bring prices down for everyone on their own. Today, Eli Lilly did that,” Mr. Biden said.
The statement was a rare slice of praise from Mr. Biden, who frequently says Big Pharma is raking in profits and not doing enough to slash prices.“For far too long, American families have been crushed by drug costs many times higher than what people in other countries are charged for the same prescriptions,” he said. “Insulin costs less than $10 to make, but Americans are sometimes forced to pay over $300 for it. It’s flat wrong.
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Eli Lilly cuts the price of insulin, capping drug at $35 per month out-of-pocketThe moves announced Wednesday promise critical relief to some people with diabetes who can face annual costs of more than $1,000 for insulin they need in order to live.
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Eli Lilly cuts the price of insulin, capping drug at $35 per month out-of-pocketThe moves announced Wednesday promise critical relief to some people with diabetes who can face annual costs of more than $1,000 for insulin they need in order to live.
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Eli Lilly caps the cost of insulin at $35 a monthThe move puts the drugmaker in line with a popular provision in the Inflation Reduction Act that capped the medication’s cost for seniors on Medicare.
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Eli Lilly to cut insulin prices by 70%, cap monthly costs at $35The price reductions for the life-saving medication come amid criticism that unaffordable insulin may constitute a human rights abuse.
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Eli Lilly to cut insulin prices, cap costs at $35 for many people with diabetesAlthough insulin is relatively inexpensive to manufacture, the cost has been a problem for many Americans for years. At least 16.5% of people in the US who use it report rationing it because of cos…
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