Eli Lilly Slashes Insulin Prices by Up to 70%, Caps Out-of-Pocket Costs to $35
Eli Lilly has unveiled significant changes to its insulin pricing strategy, aiming to alleviate the financial burden on millions of people with diabetes. The company has announced a series of cost reductions and caps, with some changes taking effect immediately.
Starting in the fourth quarter of 2023, Eli Lilly will slash the list prices of its insulin glargine (Basaglar) and insulin lispro (Admelog) by 70%. This will bring the prices down to approximately $55-$60 per vial. Additionally, the company has revealed that it will cap out-of-pocket costs for all its insulins at $35 per month, effective immediately.
The company's commitment to affordability extends to its non-branded insulin as well. From May 1, 2023, the cost of Eli Lilly's non-branded insulin will drop to $25 a vial. Furthermore, the company's new insulin, Rezvoglar, will launch at an affordable price of $92 for a five-pack of KwikPens, effective April 1, 2023.
These changes align with the Inflation Reduction Act, which caps Medicare beneficiaries' out-of-pocket insulin costs at $35 per month. Eli Lilly's actions are expected to provide relief to a broader range of people with diabetes, reducing insulin insecurity and its associated health risks.
Eli Lilly's pricing adjustments and caps on out-of-pocket costs for insulin aim to address the financial strain faced by people with diabetes. These changes, coupled with the Inflation Reduction Act's provisions, could significantly reduce insulin rationing, thereby minimizing the risks of blindness, amputations, hospital stays, and preventable deaths.
