Following a 47-page civil complaint filed in California in January, alleging that three pharmaceutical companies (including Eli Lilly and Co.) control the insulin market, Eli Lilly today announced price reductions of 70% for its most commonly prescribed insulins and an expansion of its Insulin Value Program that caps patient out-of-pocket costs at $35 or less per month.
Lilly is taking these actions to make it easier to access Lilly insulin and help Americans who may have difficulty navigating a complex healthcare system that may keep them from getting affordable insulin, according to a company release.
Related: California lawsuit accuses six companies of driving up insulin costs
Today, Lilly is reducing the list price of insulins by:
- Cutting the list price of its non-branded insulin, Insulin Lispro Injection, to $25 a vial. Effective May 1, 2023, it will be the lowest list-priced mealtime insulin available.
- Cutting the price of its biggest-selling insulin products, Humalog and Humulin, by 70%, effective in Q4 2023.
- Launching Rezvoglar injection, a basal insulin that is similar to Sanofi's Lantus injection, for $92 per five pack of KwikPens, a 78% discount to Lantus, effective April 1, 2023.
"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, Lilly's Chair and 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."
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
