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American pharmaceutical company Eli Lilly has slashed the price of most of its insulin by 70 percent, capping out-of-pocket costs for patients at $35 or less per month.
On March 1, Eli Lilly announced an expansion of its Insulin Value Program and highlighted that the price cut applies to its “most commonly prescribed insulins.” Medications receiving price reductions include the pharmaceutical company’s Insulin Lispro Injection and Humalog.
Effective immediately, out-of-pocket costs for Lilly insulin will automatically cap at $35 at participating retail pharmacies for people with commercial insurance. Those without insurance can download the Lilly Insulin Value Program savings card on InsulinAffordability.com and receive their injections for $35 per month.
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Starting April 1, Eli Lilly is also launching Rezvoglar (insulin glargine-aglr), “a basal insulin injection that is biosimilar to, and interchangeable with [the] Lantus (insulin glargine) injection.”
At $92 per five-pack of KwikPens, Rezvoglar will sell at “a 78% discount to Lantus.”
Eli Lilly’s Move To Make Insulin More Affordable
Lilly’s CEO David Ricks said, “7 out of 10 Americans don’t use Lilly insulin” in a statement shared by the company. The CEO noted that despite Lilly’s efforts, the pharmaceutical company will rely on “policymakers, employers and others” to continue making insulin more affordable.
“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 Ricks. “The aggressive price cuts we’re announcing today should make a real difference for Americans with diabetes.”
An estimated 8.4 million Americans rely on insulin to control their blood sugar levels, according to the American Diabetes Association. Not everyone with diabetes needs insulin, but high costs of the medication have severely impacted many nationwide. “The price of the 100-year-old drug has more than tripled in the last two decades,” the Associated Press outlined in 2022, leaving many Americans dangerously rationing their doses.
Supporters of Eli Lilly’s insulin price cuts hope the pharmaceutical company’s move will encourage its competitors to also drop their prices.
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