What are the recent changes in insulin pricing by Eli Lilly and how will it affect patients?
### Recent Changes in Insulin Pricing by Eli Lilly
Eli Lilly has announced significant changes to the pricing of its insulin products to make them more affordable for patients. Starting May 1, the price of non-branded Insulin Lispro Injection 100 units/mL will be reduced to $25 per vial. Additionally, the company will cap out-of-pocket costs for insulin at $35 per month for those with commercial insurance, effective immediately. For uninsured patients, they can visit InsulinAffordability.com to download a savings card that allows them to purchase Lilly insulins for $35 per month.
These changes come as part of Eli Lilly's efforts to address the high cost of insulin in the United States, which has been a significant issue for many patients, especially those with type 1 diabetes. Studies have shown that up to 25% of people with type 1 diabetes ration their insulin due to high costs, putting their health at risk.
The company also plans to cut the list price of its branded Humalog (insulin lispro injection) 100 units/mL by 70%, effective in the fourth quarter of 2023. This move is expected to provide substantial financial relief to patients who rely on these medications.
The announcement has been met with praise from various quarters, including the American Diabetes Association (ADA), which has called on other insulin manufacturers to follow Eli Lilly's lead. The ADA has been actively working to make insulin more affordable through various initiatives, including Medicare's new out-of-pocket cost cap on insulin and state copay caps.
Overall, these changes by Eli Lilly are a positive step towards making insulin more accessible and affordable for patients, ensuring that those who need this life-saving medication can obtain it without financial hardship.