In a move that could bring relief to millions of diabetics in the United States, pharmaceutical company Eli Lilly has announced that it will be capping the monthly out-of-pocket cost of insulin to just $35. The decision comes amid growing criticism of soaring insulin prices in the country, which have made it difficult for patients to afford the life-saving medication.
Insulin is a hormone produced by the pancreas that regulates blood sugar levels. People with type 1 diabetes, which is caused by a lack of insulin, need to take insulin injections or use an insulin pump to stay alive. People with type 2 diabetes, which is often caused by a lack of insulin sensitivity, may also need insulin injections to control their blood sugar levels.
For years, the price of insulin has been skyrocketing in the US, with some patients paying hundreds or even thousands of dollars per month for the medication. This has led to a public outcry and calls for action to rein in the costs of prescription drugs.
Eli Lilly’s decision to cap insulin costs at $35 per month is a significant step in the right direction. The company says that the new program, called the Lilly Insulin Value Program, will be available to people with or without insurance who use the company’s insulins, including Humalog, Humulin, and Basaglar.
According to Mike Mason, senior vice president of Lilly Diabetes, the program is intended to “help address the crisis of high out-of-pocket costs for Americans living with diabetes.”
“We’ve engaged in discussions with many stakeholders in the healthcare system – including people with diabetes, advocacy groups, healthcare professionals, payers, wholesalers, and retailers – to better understand the challenges faced by people who rely on insulin and identify how we can make a meaningful difference,” he said in a statement.
The announcement was welcomed by patient advocacy groups, who said that it was a positive step but more needed to be done to bring down the overall cost of insulin.
“We commend Lilly for taking this step to reduce the out-of-pocket cost of insulin, but there is more work to be done to ensure insulin is affordable for everyone who needs it,” said Kelly L. Close, founder and chair of The diaTribe Foundation, a nonprofit organization that advocates for better care and outcomes for people with diabetes.
Close noted that while the program would help many people, there are still some who may not be eligible or may not use Lilly’s insulins.
“It’s crucial that policymakers, healthcare stakeholders, and industry leaders continue to work together to find a sustainable solution that ensures all people with diabetes have access to affordable insulin,” she said.
Other pharmaceutical companies have also taken steps to address the issue of high insulin prices in the US. Last year, Sanofi launched a program that caps the cost of insulin at $99 per month for uninsured patients and those with high-deductible health plans. Novo Nordisk also offers a similar program that caps insulin costs at $99 for up to three vials or two packs of insulin pens.
In conclusion, Eli Lilly’s decision to cap monthly insulin costs at $35 is a step in the right direction for millions of Americans who rely on the life-saving medication. While the program will provide relief to many, there is still more work to be done to ensure that insulin is affordable and accessible to everyone who needs it.
