A major pharmaceutical company in the U.S. is making it easier for diabetics to access affordable insulin. Eli Lilly and Co. announced Wednesday a 70% price reduction to its most commonly prescribed insulins and expanded its program that caps out-of-pocket expenses for patients at $35 a month. The announcement comes as the federal government, as recent as President Biden’s State of the Union address, has been putting pressure on Big Pharma to lower drug costs for Americans.
“Big Pharma has been unfairly charging people hundreds of dollars a month, making record profits,” President Biden said, adding, “Not anymore.”
There has been a bipartisan effort among Congress and the states to improve affordability for the life-saving medication used by millions of Americans. Eli Lilly, a major provider of insulin, has been on board, announcing new price drops Wednesday.
Its non-branded insulin vial will be reduced to $25 a vial beginning May 1. It will be the lowest list-priced mealtime insulin available. Some of its most popular branded insulins will also be reduced by up to 78% in the fourth quarter of this year. Eli Lilly has been progressively working to lower insulin drug costs for years. It lowered its most popular non-branded insulin by 50% in 2019.
In 2020, the pharmaceutical introduced its Lilly Insulin Value Program which gives uninsured and commercially insured diabetics access to insulin for $35 a month through a partnered retail pharmacy. The company is now expanding that program with an easy-to-download savings card that can be used by insured or uninsured diabetics and can be used at 85% of all retail pharmacies. There has been a $35 a month federal price cap for Medicare patients. This program opens up the savings to anyone.
