Very good news for many people: Eli Lilly will cap the out-of-pocket cost of its insulin at $35 a month, the company announced today. The move is expected to pressure other U.S. insulin makers to follow suit. Via NBC News:
The change, which Eli Lilly said takes effect immediately, puts the drugmaker in line with a provision in the Inflation Reduction Act, which last month imposed a $35 monthly cap on the out-of-pocket cost of insulin for seniors enrolled in Medicare.
Insulin makers continue to face pressure from members of Congress and advocacy groups to lower the cost of the lifesaving medication. Insulin costs in the U.S. are notoriously high compared to the costs in other countries; the RAND Corporation, a public policy think tank, estimated that in 2018, the average list price for one vial of insulin in the U.S. was $98.70.
The cap automatically applies to people with private insurance. People without insurance will be eligible as long as they sign up for Eli Lilly’s copay assistance program. That program began providing insulin to patients — regardless of their insurance statuses — for no more than $35 a month in 2020 because of the Covid pandemic. The cap applies to all of Eli Lilly’s insulin products, said Kelly Smith, a spokesperson for the company. In addition to the cost caps, the company will lower the list price for several of its products, including Humalog, this year.
