(ABC4) — Eli Lilly and Company announced that they would reduce the price of its most commonly prescribed insulins by 70%.
Lilly announced this price reduction, as well as others, in an expansion of its Insulin Value Program which will cap patients’ out-of-pocket costs at $35 or less per month. They said this is to “help Americans who may have difficulty navigating a complex healthcare system that may keep them from getting affordable insulin.”
According to the press release, Lilly will be doing the following actions:
- Cutting the list price of its non-branded insulin, Insulin Lispro Injection 100 units/mL to $25 a vial, effective May 1, 2023.
- Cutting the list price of Humalog (insulin lispro injection) to 100 units/mL effective in late 2023.
- Cutting the price of Humulin (insulin human injection) 100 units/ML by 70% effective in late 2023.
- Launching Rezvoglar (insulin glargine-aglr injection), basal insulin that is interchangeable with Lantus (insulin glargine injection,) for $92 per five pack of KwikPens, a 78% discount to Lantus effective April 1, 2023.
According to Lilly, the decreased price of its non-branded Insulin Lispro Injection will be the lowest list-priced mealtime insulin available, and less than the price of a Humalog vial in 1999.
“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 David A. Ricks, Lilly’s Chair and CEO. “The aggressive price cuts we’re announcing today should make a real difference for Americans with diabetes.”
Lilly said that because these price cuts take time to implement, they 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.
Lilly announced that they are capping out-of-pocket costs at $35 at participating retail pharmacies for people with commercial insurance using Lilly insulin. And those who do not have insurance can go to InsulinAffordability.com and download the Lilly Insulin Program savings card to receive Lilly insulins for $35 per month.
“We are driving for change in repricing older insulins, but we know that 7 out of 10 Americans don’t use Lilly insulin. We are calling on policymakers, employers and others to join us in making insulin more affordable,” Ricks said. “For the past century, Lilly has focused on inventing new and improved insulins and other medicines that address the impact of diabetes and improve patient outcomes. Our work to discover new and better treatments is far from over. We won’t stop until all people with diabetes are in control of their disease and can get the insulin they need.”
For more information, go to Lilly.com/insulin.
