US drugmaker cuts insulin prices 70%, caps patient costs at $35

ISTANBUL

US drugmaker Eli Lilly announced it cuts insulin prices by 70% and caps patient insulin out-of-pocket costs at $35 per month.

The company said it is taking these actions to make it easier for Americans to access insulin and help those who has difficulty navigating a complex health care system that keeps them from getting affordable insulin.

"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," Chairman and CEO David A. Ricks said Wednesday in a statement.

"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," he added.

Ricks also called on American policymakers, employers and others to join the company's efforts in making insulin more affordable.

President Joe Biden praised the move and wrote on Twitter: "Huge news. Last year, we capped insulin prices for seniors on Medicare, but there was more work to do. I called on Congress – and manufacturers – to lower insulin prices for everyone else. Today, Eli Lilly is heeding my call. Others should follow."

American Diabetes Association (ADA) also applauded the company's decision and encouraged other insulin manufacturers to do the same.

"We will work to ensure that Eli Lilly’s patient assistance program is benefiting patients as intended and continue the fight so that everyone who needs insulin has access," ADA CEO Charles Henderson said in a statement.

In 2019, 37.3 million Americans, or 11.3% of the population, had diabetes, including 8.5 million undiagnosed, while 1.4 million Americans are diagnosed with diabetes every year, according to ADA figures. Diabetes was the seventh leading cause of death in the US in 2019.