The drugmaker Eli Lilly is cutting prices for its insulin and capping costs at $35 per month, the company said Wednesday.
Out-of-pocket costs at participating retail pharmacies will max out at $35 for patients with commercial insurance using Lilly insulin, according to a release. People without insurance can still benefit if they use Lilly’s savings card program.
The cap is an immediate change that comes as the company works to reduce the prices of its most commonly prescribed insulin, Humalog and Humulin, by 70 percent. Lilly’s Chair and CEO David Ricks said the change “will take time for the insurance and pharmacy system to implement.”
“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,” Ricks said. “The aggressive price cuts we’re announcing today should make a real difference for Americans with diabetes.”
Lilly is a leading insulin manufacturer, but Ricks stressed that others need to join in on the company’s efforts to bring the cost of the drug down.
“We are calling on policymakers, employers and others to join us in making insulin more affordable,” Ricks said.
The $35-per-month max matches up with the cap set up for insulin under the Inflation Reduction Act for Medicare beneficiaries.
Lawmakers and advocates have long been pushing to bring down the cost of the vital drug, which some people with diabetes need to take every day.