Eli Lilly announced Wednesday that it would significantly reduce the prices of several insulin products. They stated that they would be capping the monthly price of insulin at $35 a month.
Insulin has been one of the most expensive drugs in recent years, despite the introduction of new competition. Many diabetic patients were forced to ration their medicines, as they couldn't afford to continue paying the extremely high price.
More than 30 million Americans live with diabetes, and more than 7 million of them rely every day on insulin.
These price cuts will take effect over the course of the following year and will apply only to their older insulin products. This price change comes after the Inflation Reduction Act was passed, imposing a $35-a-month ceiling on insulin co-payments for medicine patients.
Eli Lilly also stated that they do plan on lowering other prices in the future, and have been working on it for the past 3 months. It seems that Humulin is to be dropped by 70%, and others to follow.