Drugmaker Eli Lilly announced Wednesday that it plans to cut insulin prices and cap out-of-pocket expenses at $35 a month.
Eli Lilly said once the cuts take effect, it would result in price reductions of 70%.
The company also announced it would cut the price of its nonbranded insulin to $25 per vial.
"While the current health care 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 David A. Ricks, Eli Lilly CEO. "The aggressive price cuts we're announcing today should make a real difference for Americans with diabetes. Because these price cuts will take time for the insurance and pharmacy system to implement, we are taking the additional step to immediately cap out-of-pocket costs for patients who use Lilly insulin and are not covered by the recent Medicare Part D cap."
Mallory Brakvill is one of millions of Americans with Type 1 Diabetes. She was diagnosed on June 27, 2018, after experiencing symptoms like weight loss.
“As I started to realize what this diagnosis would entail, it meant many parts of my life changing,” she said.
She's dependent on insulin. So now, she has to check her blood sugar throughout the day and give herself insulin through an insulin pump every time she eats.
The rising price of insulin is something that hits close to home for her and her family.
“My Aunt had type 2 diabetes. She passed away from diabetes complications because she couldn’t afford insulin,” Brakvill said.
Dr. Shawn Peavie, the medical director of the Christ Hospital Diabetes and Endocrine Center, said the price of insulin can make treating patients with Diabetes a challenge.
“Everyone in the office is working constantly to try to make sure patients can afford their insulin because of the cost lately,” he said.
Eli Lilly's announcement comes amid a political battle to cap the price of insulin. Congress passed the Inflation Reduction Act, which included in a provision that capped insulin prices for Medicare recipients at $35.
President Joe Biden, however, said at last month’s State of the Union address that he wanted a universal price cap for insulin.
According to the Food and Drug Administration,insulin helps to take the sugar in the blood to other parts of the body. The Centers for Disease Control and Prevention estimates 37.3 million Americans have diabetes, which accounts for 11.3% of the population.
