Pharmaceutical giant Eli Lilly is slashing prices of commonly prescribed insulin drugs by 70 percent while capping related out-of-pocket costs at $35 a month, a move that should help address long-standing concerns about the high cost of diabetes care.
the company said it wants to make it easier for patients to access insulin and help Americans who may have difficulty navigating a complex health care system that may keep them from getting affordable insulin. Chief executive David Ricks called on other pharmaceutical companies to follow suit.
“While the current health care system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change,” Ricks said in a news release. The cost of its non-branded insulin, Insulin Lispro Injection, is being cut to $25 per vial from a current list price of $82.41, a reduction that the company says will make it the lowest-priced mealtime insulin available. The price of Humalog, the company’s most commonly prescribed insulin, will drop 70 percent from its current price of $530.40 for a 5-pack of insulin pens.Insulin is an important hormone, made by the pancreas, that helps glucose enter red blood cells where it is used for energy.
last month, he called on Congress to pass a provision that would cap the cost of insulin at $35 per month in the private insurance market. Congressional Democrats and the administration tried to pass such a measure last year, but it was modified after objections from Senate Republicans to apply only to people on Medicare, the health insurance program for seniors.
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