Insulin Price Costs Slashed

BoroPark24 Staff

Eli Lilly, an American pharmaceutical company headquartered in Indianapolis, says it will cut the list prices of its older insulin products by 70%. 

This announcement comes after continuous pressure from lawmakers and patient advocates to make insulin affordable to people who rely on it to live, especially uninsured people. 

In addition to price cuts, which will happen in the fourth quarter of this year (October), the company says it will also expand its price cap program. This program caps monthly out-of-pocket patient costs at $35, and is available immediately to patients to give time for the price cuts to be implemented. 

"While the current healthcare system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone, and that needs to change," said David A. Ricks, Lilly's Chair and CEO. "The aggressive price cuts we're announcing today should make a real difference for Americans with diabetes. Because these price cuts will take time for the insurance and pharmacy system to implement, we are taking the additional step to immediately cap out-of-pocket costs for patients who use Lilly insulin and are not covered by the recent Medicare Part D cap."

Lilly recommends people without insurance go here and immediately download the Lilly Insulin Value Program savings card to receive Lilly insulins for $35 per month.

"We are driving for change in repricing older insulins, but we know that 7 out of 10 Americans don't use Lilly insulin," said Ricks "We are calling on policymakers, employers, and others to join us in making insulin more affordable."