Eli Lilly and Company cut the price of its insulin by 70% and capped out-of-pocket costs at $35.
The price reduction for its non-branded insulin is effective May 1, 2023. Cuts for Humalog, its most commonly prescribed insulin, and Humulin are effective Q4 2023.
This price cap is only at participating retail pharmacies for consumers with commercial insurance. Those without insurance can download the Lilly Insulin Value Program savings card to receive Lilly insulins for $35 a month.
In a press release, CEO and Chair David A. Ricks commented on the company’s changes.
David A. Ricks (read by Spencer Cline): 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. The aggressive price cuts we’re announcing today should make a real difference for Americans with diabetes.
The decisions made today effects diabetics like Nicole Barron, a USC student diagnosed with Type 1 diabetes in May 2020.
After Barron’s diagnosis, she started a podcast called Your Diabetic Bestie to spread awareness about diabetes.
After today’s announcement, she’s shocked.
Nicole Barron: It’s crazy that it took this long to come up with this price cap, but just very grateful that we’re making steps in the right direction.
Barron is insured however it’s not the case for millions of Americans. Todays cuts make Lilly the lowest list-priced mealtime insulin available.
Before today, without insurance the average cost of traditional insulin was $455 and $249 for mixed insulin. These prices are disproportionate to the cost to manufacture insulin.
For those uninsured, this price cap could have a big affect.
Barron: A vial is supposed to last about a month and if you drop it like I did that one time or you don’t have insurance to get you another one, then it’s like, okay, what can I do now? You know, it’s like your life literally depends on it and if you don’t have it, your body starts to hurt physically, it’s aching.
Over 34 million Americans have diabetes in a nation where health care is not a government granted industry. Caps like this one may even the playing field for those with disabilities.