The pharma giant is making major cuts to the list prices of its insulin products.
that it’s reducing prices of its most commonly-prescribed insulin products 70%. The company also announced that it’s capping out-of-pocket costs for its insulin products to $35 per month.
The company says that it will be cutting the list price of its most commonly prescribed insulin product, Humalog, by 70% as of the fourth quarter 2023. Its product Rezvoglar, which is a biosimilar to Sanofi’s insulin product Lantus, will be launching April 1 at a price point 78% lower than Sanofi’s product. Lilly also said that it’s cutting prices of its non-branded insulin to $25 a vial.
In August 2022, Congress passed the Inflation Reduction Act, which capped out-of-pocket costs for insulin for patients covered by Medicare Part D to $35 a month effective January 1, 2023. Regular Medicare patients will see a $35-a-month price cap effective July 1, 2023. In recent years, Lilly has seen a good deal of criticism over the pricing of its insulin products. In January, California Attorney General Rob Bontaagainst Lilly and other insulin manufacturers, alleging the companies used their market power to overcharge diabetes patients for insulin. Multiple other states have filed similar lawsuits. Lilly has denied the allegations.
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