People who suffer from diabetes will soon have access to a generic version of insulin.
The announcement from the pharmaceutical company, Eli Lilly, comes just days after lawmakers in Washington, D.C. grilled drug company executives about prescription drug prices.
The company announced it will release a generic version of insulin, which will cost about half as much as the brand name Humalog, but Oregon Senator Ron Wyden is not impressed.
“Any price reduction is helpful but we have seen a lot of public relations acrobatics from these big drug companies,” said Senator Wyden.
Insulin prices are under investigation because the price went down from $20 a vile in 1996 to $275 a vile today.
Despite the cheaper insulin being released, lawmakers continue to investigate the hike in prices.
Senator Wyden has proposed three different bills aimed at lowering prescription costs.
In a recent hearing about prescription drug prices, pharmaceutical executives defended pricing.
“Merk’s mission is to save and improve lives by bringing forward breakthrough medicines and vaccines,’ said Merk & CO. CEO Kenneth Frazier
Proposed laws to regulate drug prices are gaining support in congress.