Eli Lilly caps the cost of insulin at $35 a month [View all]

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Last edited Wed Mar 1, 2023, 03:22 PM - Edit history (1)

Source: NBC News

Eli Lilly will cap the out-of-pocket cost of its insulin at $35 a month, the drugmaker said Wednesday. The move, experts say, could prompt other insulin makers in the U.S. to follow suit. The change, which Eli Lilly said takes effect immediately, puts the drugmaker in line with a provision in the Inflation Reduction Act, which in January imposed a $35 monthly cap on the out-of-pocket cost of insulin for seniors enrolled in Medicare.

President Joe Biden praised the move in a tweet, calling on other drugmakers to also lower insulin prices. Biden made insulin costs a focus of his State of the Union speech last month. The American Diabetes Association also applauded the decision, and encouraged other insulin manufacturers to lower costs.

Insulin makers have faced pressure from members of Congress and advocacy groups to lower the cost of the lifesaving medication. Insulin costs in the U.S. are notoriously high compared to the costs in other countries; the Rand Corporation, a public policy think tank, estimated that in 2018, the average list price for one vial of insulin in the U.S. was $98.70.

"Patients should have a consistent and lower cost experience at the pharmacy counter," David Ricks, Eli Lilly’s CEO, said on a press call Wednesday. The cap automatically applies to people with private insurance. People without insurance will be eligible as long as they sign up for Eli Lilly’s copay assistance program.

Read more: https://www.nbcnews.com/health/health-news/eli-lilly-caps-cost-insulin-35-month-rcna72713

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The U.S. has been "subsidizing" these companies on behalf of the rest of the world, through these exorbitant costs that have gone on long enough to have covered the R&D costs of the drugs... yet they remain and even go up in some instances until smacked down by shaming them.

Article updated.

Original article -

Eli Lilly will cap the out-of-pocket cost of its insulin at $35 a month, the drugmaker said Wednesday. The move, experts say, could prompt other insulin makers in the U.S. to follow suit.

The change, which Eli Lilly said takes effect immediately, puts the drugmaker in line with a provision in the Inflation Reduction Act, which last month imposed a $35 monthly cap on the out-of-pocket cost of insulin for seniors enrolled in Medicare.

Insulin makers continue to face pressure from members of Congress and advocacy groups to lower the cost of the lifesaving medication. Insulin costs in the U.S. are notoriously high compared to the costs in other countries; the RAND Corporation, a public policy think tank, estimated that in 2018, the average list price for one vial of insulin in the U.S. was $98.70.

The cap automatically applies to people with private insurance. People without insurance will be eligible as long as they sign up for Eli Lilly’s copay assistance program. That program began providing insulin to patients — regardless of their insurance statuses — for no more than $35 a month in 2020 because of the Covid pandemic. The cap applies to all of Eli Lilly’s insulin products, said Kelly Smith, a spokesperson for the company. In addition to the cost caps, the company will lower the list price for several of its products, including Humalog, this year.