Drug maker Eli Lilly to cut insulin prices; cap costs at $35

INDIANAPOLIS, Ind. (NBC) – In a major move to bring down the high cost of insulin, one of the biggest manufacturers announced it will drastically reduce the out-of-pocket cost.

Drug maker Eli Lilly said it’s cutting the list price of its most commonly-prescribed insulin by 70% and capping out-of-pocket costs at $35 a month.

Anne Marie Gibson is a parent of children who use insulin. She said, “Such a relief. It’s a huge, significant step in making this disease manageable.”

In January the Inflation Reduction Act imposed a monthly cap on insulin costs for seniors on Medicare, but millions of younger diabetics were still paying much higher rates. The move comes after years of political and patient pressure.

Eli Lilly CEO and Chair David Ricks said, “I think we all have heard enough about insulin affordability. Here in America, we should be able to solve this problem ourselves.”

Eli Lilly’s cap automatically applies to people with private insurance. Those without coverage will be eligible as long as they sign up for a savings card through the company.

But only about 30% of the nation’s 8.4 million diabetics who rely on insulin get it from Eli Lilly.

When asked if she expects to see the other drug makers follow suit, Yale School of Medicine Pediatrics Assistant Professor Dr. Laura Nally replied, “I certainly hope that they do. I think that, in general, all of the insulins that the drug manufacturers make should be affordable and accessible.”

Wednesday, insulin makers Sanofi and Novo Nordisk pointed to their own savings plans for participants.

For mom Anne Marie Gibson, the change is a good start to saving lives, knowing that her sons are now facing a future where a vital prescription won’t carry such a hefty price.

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