By Eli Jordan
On March 1st, Lilly Investors published a News Release that said all of its Insulin prices will be cut by 70% and out-of-pocket costs would be capped at $35 a month. The price reduction will affect the company’s most commonly prescribed insulins, and it is an expansion of its Insulin Value Program. On its non-branded insulin, the price will be capped at $25 on May 1st. Which is the lowest insulin price since 1999. For Lilly’s products, Humalog and Humulin, they will be cutting the list price by 70% in quarter 4 of 2023. And they will be launching Rezvoglar for $92 per five pack, which compared to similar products is a price cut of 78%. That went into effect April 1st. David A. Ricks, Lilly’s Chair and CEO, said, “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. The aggressive price cuts we’re announcing today should make a real difference for Americans with diabetes. Because these price cuts will take time for the insurance and pharmacy system to implement, we are taking the additional step to immediately cap out-of-pocket costs for patients who use Lilly insulin and are not covered by the recent Medicare Part D cap.” Effective on March 1st, Lilly capped out-of-pocket costs at $35 for participating retail pharmacies. For those that do not have insurance, they can go to InsulingAffordability.com, and they can download a Lilly Insulin Value Program savings card to receive Lilly insulins for $35 per month. This has been a part of ongoing efforts by Lilly to close the gaps in the U.S. healthcare system that has been keeping citizens from attaining affordable insulin for those who are in need of it.