KANSAS CITY, Mo. — In a major announcement, the largest manufacturer of insulin says it will drastically cut its cost.
Eli Lilly says the company will cap the out of pocket cost of insulin at $35 a month for people here in the United States.
Out-of-pocket costs at participating retail pharmacies will max out at $35 for patients with insurance using Lilly insulin, according to a release. People without insurance can benefit by using the drug maker’s savings card program.
The United States is one of the countries where insulin is the most expensive. The average price of insulin nearly tripled between 2002 in 2013. Research presented by Health and Veterans Affairs also shows that that trend continued with the average price rising more than 50% between 2014 to 2019.
The $35-per-month max matches up with the cap set up for insulin under the Inflation Reduction Act for Medicare beneficiaries.
Eli Lilly says it will cap costs immediately. It is the first pharmaceutical company to step up promising lower prices.
The company plans to cut its list price the most commonly prescribed insulin as well as another insulin a little later this year.
According to a recent study in 2021, 1 million Americans were forced to ration their insulin because they couldn’t afford it.
Patient advocates believe that this announcement will save lives.