Eli Lilly and Co. reduces insulin fee which is most commonly prescribed by 70% and extend a program that limits out-of-pocket monthly costs for some customers.
Federal and state lawmakers and patient advocates push drug companies and health insurers as it reduces insulin fee for millions of Americans.
“The aggressive price cuts we’re announcing today should make a real impact for Americans with diabetes,” said Lilly Chair and CEO David Ricks.
Three syringe containing liquid on a table. (Photo: iStock Photo)
Eli Lilly reduces insulin fee of Humalog and Humulin.
The fast-acting injectable Humalog, which is the most commonly prescribed insulin from the company, will have its list that it reduces insulin fee by 70%. Lilly also reduces insulin fee of Humulin, an older fast-acting drug.
- Humalog U-100, 10 mL vial will go from being listed at $274.70 to being listed at $66.40.
- Humulin U-100, 10 mL vials will go from being listed at $148.70 to being listed at $44.61.
Prices will change between October 1 and December 31.
Lilly also reduces insulin fee that is fast-acting without a brand name to $25 per vial starting May 1.
On April 1, Lilly will also start selling a biosimilar version of Sanofi’s Lantus that will be less expensive. Rezvoglar will be the same as Lantus, so a pharmacist will be able to switch it out without getting a new prescription. Rezvoglar will cost $92 for a pack of five KwikPens, which is 78% less than Lantus.
For patients with private insurance, Lilly caps out-of-pocket costs at $35 a month.
In a news release, Lilly said that out-of-pocket costs for privately insured customers will be capped at $35 a month at “the majority of retail pharmacies.” Officials from the company said that about 85% of local and national pharmacies will stick to the $35 price cap, but the company did not give a list. People are encouraged to call their local pharmacy and ask about the program.
For people who don’t have insurance, the company makes a savings card that caps the cost of Lilly insulin at $35 a month. InsulinAffordability.com is where people who don’t have insurance can get more information and download the discount card.
People on Medicare who are older than 65 might recognize the price. People on Part D plans can’t pay more than $35 a month for insulin because of the Inflation Reduction Act. Last month, President Joe Biden asked Congress to make this limit on out-of-pocket costs apply to younger Americans who buy their own health insurance or get it through their employers.
Why is Lilly cutting the price of insulin?
A study done last year found that because of the price, more than 1.3 million American adults skipped, put off buying, or split up their insulin doses.
Ricks agreed that his company and helps as he reduces insulin fee for people with diabetes who can’t afford it.
But he also said that people should help the company reduces insulin fee. Employers should share the money they save on drug costs through rebates with their employees. He also said that pharmacies should carry low-cost insulins and let people know about them.
“We want to change how older insulins are priced, but we know that seven out of ten Americans don’t use Lilly insulin,” “Ricks said. “We want policymakers, employers, and others to work with us to make insulin cheaper.
8.4 million Americans need insulin, so advocates hope other drugmakers to follow suit.
All people with Type 1 diabetes and some people with Type 2 diabetes need insulin.
“Insulin is one of those must-have medicines,” said Dr. Robert Lash, chief medical officer of the Endocrine Society. “This is especially true for people with Type 1 diabetes.” “If you don’t have it, you die.”
Some people who have Type 2 diabetes need insulin as well. Even though missing a dose might not be life-threatening, Lash said that these people often need insulin to keep their blood sugar in check and avoid problems.
The American Diabetes Association says that insulin is used by about 8.4 million Americans.
Lisa Murdock, who is in charge of advocacy for the American Diabetes Association, said that lowering the amount that people have to pay out of pocket for the drug is a very important step. As drug companies have raised the price of insulin, consumers with insurance have had to pay more in co-payments and deductibles.
Read More:
Food As Medicine Program: Check Out If Insurers Will Cover It
Check out Relationship between food, kidney disease, and diabetes
