Eli Lilly will cut prices for some older insulins later this year and immediately expand a cap on costs insured patients pay to fill prescriptions.
The 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. Lilly’s changes also come as lawmakers and patient advocates pressure drugmakers to do something about soaring prices.
Patient advocates have long called for insulin price cuts to help uninsured people who would not be affected by price caps tied to insurance coverage. The cost of a prescription for generic Humalog ranges between $44 and close to $100 on the website GoodRx.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.
Insulin is made by the pancreas and used by the body to convert food into energy. People who have diabetes don’t produce enough insulin. Drugmakers may be seeing “the writing on the wall that high prices can’t persist forever,” said Larry Levitt, an executive vice president with the nonprofit Kaiser Family Foundation, which studies health care.
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