The list price for a single vial will be $137.35, half the current list price of Humalog
The lower-priced version will be an authorized generic, meaning it will be identical to Humalog except for its label, the company LLY, -1.40% said in an announcement on Monday. The product, called Insulin Lispro, will be made available through Lilly subsidiary ImClone Systems.
Insulin has been available since the 1920s, when it was discovered by Frederick Banting and Charles Best at the University of Toronto. The pair sold their patent to the university for $1. In contrast, a 2016 study in the Journal of the American Medical Association showed that the estimated annual cost of insulin per patient almost tripled over 11 years, from $231 in 2002 to $736 in 2013. And prices have continued to climb since then.
“Eli Lilly announcing a lower-priced, generic version of insulin is an important step forward to make insulin more affordable,” said Derek Rapp, chief executive of Type 1 diabetes advocacy group JDRF, in an emailed statement. And Rep. Diana DeGette , chair of the House Energy and Commerce oversight subcommitee, sent letters in January to the heads of Lilly, Novo Nordisk and Sanofi, asking them to explain the rapidly-increasing cost of the drug.
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