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Millions to Benefit from Drugmaker

Eli Lilly’s $35 Cap on Monthly Insulin

On March 1, drug producer Eli Lilly and Company announced that the outof-pocket cost of its insulin will be capped at $35 per month. According to experts, the action could lead other U.S. insulin manufacturers to follow.

The adjustment, which Eli Lilly says is effective immediately, brings the pharmaceutical company in line with a provision of the Inflation Reduction Act, which in January imposed a $35 monthly ceiling on the out-of-pocket cost of insulin for Medicare-enrolled seniors.

President Joe Biden applauded the move in a tweet and urged other insulin manufacturers to reduce their prices. Last month, Biden highlighted insulin expenses in his State of the Union address.

The American Diabetes Association (ADA) hailed the decision and urged other insulin makers to reduce their prices.

Members of Congress and advocacy groups have put pressure on insulin manufacturers to reduce the price of the life-saving drug. The Rand Corporation, a public-policy think tank, projected that the average list price for a single vial of insulin in the United States in 2018 was $98.70.

The cap applies automatically to individuals with private insurance. Anyone without insurance who enrolls in Eli Lilly’s copay assistance program will be eligible.

Due to the pandemic, this program began delivering insulin to patients, regardless of their insurance status, for no more than $35 per month in 2020.

The limit applies to all of Eli Lilly’s insulin medicines, according to company spokesperson Kelly Smith. This year, the business would also reduce the list price of some of its medications, including Humalog.

David Ricks, CEO of Eli Lilly, stated that the decision resulted from discussions between the firm and members of Congress on the price of the drug.

According to him, the enactment of the Inflation Reduction Act resulted in a “split situation” in the United States, in which seniors benefited from a $35 out-of-pocket monthly cap, but persons with private insurance and the uninsured did not.

Around 8.4 million Americans with diabetes rely on insulin, as reported by the ADA. The insulin market is dominated by Eli Lilly, Novo Nordisk, and Sanofi, three pharmaceutical companies.

Three out of 10 diabetics who rely on insulin use an Eli Lilly medication, according to Smith.