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Eli Lilly Cuts Insulin Prices and Caps Monthly Out-of-Pocket Costs
In a recent announcement, Eli Lilly stated that it plans to cut insulin prices by 70% and cap out-of-pocket costs to $35 monthly.
On Wednesday, March 1, 2023, Eli Lilly, a major insulin manufacturer in the United States, announced that it would cut its insulin prices by 70% and cap out-of-pocket costs to $35 per month. By the end of 2023, the new fees should be in full effect for the organization.
"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, in the press release.
With that information in mind, Lilly announced that its generic Insulin Lispro Injection of 100 units/mL would be available for $25 per vial by May 1, 2023. Beyond cutting the list price of this medication, Humalog and Humulin will see a 70% price decrease by the last quarter of this year.
In addition to cutting costs for existing medications, the company will launch Rezvoglar, a basal insulin interchangeable with the Lantus injection. This new medication will be 76% less expensive than its existing alternative at $92 per five-pack of KwikPens.
"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,” added Ricks in the announcement.
The Inflation Reduction Act of 2022 has already implemented $35 monthly caps on insulin for individuals enrolled in Medicare; however, diabetic patients without Medicare are left paying the astronomical costs of insulin in the US.
To address disparities in insulin prices immediately, Lilly is implementing $35 caps on out-of-pocket insulin costs for anyone with commercial insurance who fills a prescription for Lilly insulin at a participating retail pharmacy. Uninsured patients may access these savings by downloading its Lilly Insulin Value Program savings card.
