"Eli Lilly and Company, a pharmaceutical company based in Indiana, recently announced that it would be reducing the price of its insulin products by 70% for people with and without insurance." The move is aimed at making insulin more affordable for those who need it.
According to Eli Lilly, the list price of its most common
insulin products, Humalog and Humulin, will be reduced by 40%. Additionally,
the company is introducing a lower-priced insulin brand, Lispro, which will be
available for purchase through a prescription for $95 per month. Eli Lilly's
decision to lower insulin prices is expected to benefit around 3.3 million
Americans with diabetes who rely on insulin products.
Furthermore, Eli Lilly is also capping the out-of-pocket
costs for insulin products at $35 per month for people with commercial
insurance. The company says that this measure will benefit around 1 million
people with diabetes in the United States.
David A. Ricks, the Chairman and CEO of Eli Lilly, said in a
statement, "We know many people living with diabetes struggle to afford
their insulin, and we wanted to do more to help. Today's announcement is a step
forward, but we know it is not a comprehensive solution. We are committed to
working with stakeholders across the system to find solutions that work for
everyone."
The high cost of insulin has been a significant issue for
many people with diabetes, particularly those who are uninsured or
underinsured. Insulin prices have increased significantly over the past few
years, with some people having to pay hundreds or even thousands of dollars per
month for their insulin.
This has led to a situation where many people with diabetes
are forced to ration their insulin or skip doses, which can lead to serious
complications, including death. In response, several states have passed
legislation aimed at lowering the cost of insulin for people with diabetes, but
more needs to be done at the federal level.
The American Diabetes Association (ADA) has welcomed Eli
Lilly's announcement, stating that it is a step in the right direction. The ADA
also called on other insulin manufacturers to follow suit and reduce insulin
prices.
The high cost of insulin has also been a significant issue
for Medicare beneficiaries with diabetes. Currently, Medicare Part D beneficiaries
are responsible for covering the cost of their insulin once they reach the
coverage gap, or "donut hole." In 2021, the coverage gap starts when
a beneficiary's total drug costs reach $4,130.
However, under the new Biden administration, Medicare beneficiaries
will no longer have to pay more than $35 per month for insulin starting in
2021. This measure is part of a broader effort by the administration to lower
drug costs for Americans.
In conclusion, Eli Lilly's decision to lower the price of its insulin products is a step in the right direction, but more needs to be done to ensure that insulin is affordable for all Americans with diabetes. The high cost of insulin is a significant barrier for many people with diabetes, and it is essential that policymakers and stakeholders work together to find solutions that work for everyone.
0 Comments