WASHINGTON D.C., DC — A top insulin producer announced on Wednesday that it would reduce prices and expand one of its access programs.
Pharmaceutical company Eli Lilly said it is cutting prices for its most prescribed insulins by 70%. The move comes in response to growing concerns over the high cost of insulin, which has made it difficult for many people with diabetes to access the medication they need.
According to NBC, three out of 10 people with diabetes who rely on insulin use a product from Eli Lilly. The company says its new pricing policy will make insulin more affordable for these individuals, as well as others who require the medication.
In addition to cutting prices, Eli Lilly is expanding its program to cap monthly out-of-pocket costs for insulin at $35. The program will now be available to anyone with private insurance, and those without insurance can enroll in the company's copay assistance program to take advantage of the new cap.
Eli Lilly's decision to expand its program follows President Biden's Inflation Reduction Act, which includes a federal law capping the out-of-pocket cost of insulin at $35 per month for seniors enrolled in Medicare. Local lawmakers Senator Raphael Warnock and Representative Lucy McBath have introduced a similar bill to Congress aimed at capping the price of insulin for all Americans.
“If you need insulin, you need insulin. There's no Red insulin or blue insulin; there's insulin," U.S. Sen. Rev. Raphael Warnock said.
Experts believe that Eli Lilly's move could encourage other insulin makers in the U.S. to follow suit, making the medication more affordable for millions of people with diabetes. The company's new pricing policy is effective immediately.
“Eli Lilly has announced they will cut the cost of their insulin to $35 a month for their patients,” Congresswoman McBath said. “This decision is the direct result of the work we did here in Congress to make insulin affordable for every senior on Medicare, and I am proud that this decision today will expand on our program that caps monthly out-of-pocket costs to $35 a month or less.”
With 40 million diabetic patients in the U.S. and one out of four of them rationing or skipping insulin, this law aims to make it "more affordable for the seniors that need it," a release said.
The law brought forward by McBath went into effect on Jan. 1, capping insulin costs at $35 a month for seniors on Medicare. Learn more about Eli Lilly's access program here.
Read Warnock’s full statement over Eli Lilly’s decision to cut insulin prices below.
Senator Warnock
“As a pastor, I’ve counseled Georgians and their families as they suffer from the effects of unmanaged diabetes,” said Senator Reverend Warnock. “Capping insulin costs is about more than people’s pocketbooks, it’s about saving lives. After months of efforts to make insulin affordable for everyone who needs it, I applaud Eli Lilly’s announcement to cap insulin costs, a nod to my legislation. I am going to keep working in Congress towards bipartisan solutions to make this one-hundred-year-old drug affordable for everyone.”