Eli Lilly cuts insulin prices by 70%
Last week, New England Council member, Eli Lilly, announced it will drastically cut insulin prices and lower the maximum monthly payment to only $35.
With the current healthcare system, Americans have had to pay extremely high prices for prescription medication, especially insulin. While the drug only costs around $10 to produce, it is usually sold for up to $300. As an attempt to alleviate this, President Biden signed legislation in order to cap monthly insulin payments at $35 for senior citizens, while urging prominent pharmaceutical companies to do the same. Thus, Eli Lilly is the first major drug manufacturing company to not only cut the price of insulin by over 70%, but also expand access to their “Insulin Value Program,” which caps monthly payments to $35 for all.
“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,” said David Ricks, Eli Lilly’s chair and CEO. “The aggressive price cuts we’re announcing today should make a real difference for Americans with diabetes.”
The New England Council commends Eli Lilly for its commitment to affordable medications for all.
Read more from the Boston Herald.