Eli Lilly and Co (LLY.N) will cut list prices by 70% for its most commonly prescribed forms of insulin, Humalog and Humulin, beginning from the fourth quarter of this year, the drugmaker said on Wednesday.
The move comes amid criticism of healthcare companies by U.S. Lawmakers over rising costs of insulin, with President Joe Biden’s signature Inflation Reduction Act including a $35 cap on insulin for those enrolled in Medicare health insurance plans.
“While we could wait for Congress to act or the healthcare system in general to apply that standard, we’re just applying it ourselves,” Chief Executive Dave Ricks told CNN in an interview.
The drugmaker will also lower the price of its non-branded insulin injection Lispro to $25 a vial and expand its Insulin Value Program, under which the $35 cap will apply to about 85% of U.S. pharmacies.
Rick said patients using other pharmacies that do not participate in the program can get a rebate through the drugmaker’s website.
Write a Reply or Comment
You should Sign In or Sign Up account to post comment.