Eli Lilly slashes insulin prices. Here's how much a vial will cost now
Eli Lilly Insulin
Pharmaceutical major Eli Lilly said on Wednesday that it would cut the costs of the mostly commonly available insulin by 70 per cent. The company said that it will cap the price of insulin at $35 for people with private insurance. The US President Joe Biden took to Twitter and called the announcement "huge news".
"Today, Eli Lilly is heeding my call. Others should follow," the president said.
The Indianapolis-headquartered company also revealed the plans to expand its Insulin Value Programme. Eli Lilly's Insulin Value Programme will cap the price of insulin at $35 for uninsured individuals.
Eli Lilly price cuts: How much will an insulin vial cost?
As of May 1, a vial of Eli Lilly's non-branded insulin will cost $25, down from $82.41 at present. It will be the lowest-priced mealtime insulin available in the US market.
Humulin, widely cited as the most commonly prescribed insulin, will cost $66.40 down from $274.70 at present. For individuals with insurance, the costs will be capped at $35.
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ALSO READ |Alarming figure: More than a million in US rationing insulin due to high cost
According to the American Diabetes Association, the average price of insulin nearly tripled between 2002 and 2013. Another research by GoodRx shows that the trend has continued, with the average retail price of insulin rising 54 per cent between 2014 and 2019.
The demand for insulin has risen due to fast growing diabetes cases around the world.
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According to the US Centers for Disease Control and Prevention, the number of adults with diabetes in the United States has doubled over the past 20 years, with over 37.3 patients in the country.
For Eli Lilly insulin, the new price cap will automatically apply at most pharmacies with no additional action from the patient.
(With inputs from agencies)
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