Pharmaceuticals giant Eli Lilly has announced they will be capping the out-of-pocket cost of their insulin to just $35 a month, a stark difference to the high fees many are currently paying. The move will bring the price in line with a January provision that capped insulin to $35 a month for seniors, called the Inflation Reduction Act, and answers calls by President Joe Biden for drug makers to follow this price for all.
Since then, Biden has tweeted praising the company for lowering their prices, as have diabetes advocacy groups.
Eli Lilly has had quite a rocky few months, with the blue tick fiasco at Twitter resulting in a parody account pretending to be the company proclaiming that insulin would now be free. As a result, their stock price plummeted and they paused advertising with Twitter until better verification was in place.
Now, though, Eli Lilly appears to have taken a positive step in making insulin more accessible for many diabetics in America, by dropping the price around 70 percent from its current selling value. Those who buy Lilly insulin from pharmacies will see the price significantly decrease, while the company will also provide a savings scheme that will allow people without insulin to pay a maximum of $35 per month for their subscription.
"We are driving for change in repricing older insulins, but we know that 7 out of 10 Americans don't use Lilly insulin. We are calling on policymakers, employers and others to join us in making insulin more affordable," said David A. Ricks, Lilly's Chair and CEO, in a statement.
"For the past century, Lilly has focused on inventing new and improved insulins and other medicines that address the impact of diabetes and improve patient outcomes. Our work to discover new and better treatments is far from over. We won't stop until all people with diabetes are in control of their disease and can get the insulin they need."