Posted on 03/01/2023 10:48:22 AM PST by Red Badger
Eli Lilly is slashing the prices of its most-prescribed insulins amid pressure from consumers and the Biden administration.
Driving the news: After years of price hikes on insulin, Lilly on Wednesday said people with diabetes would see 70% reductions on its most common versions.
The prices of Humalog, the company's top insulin product, and Humulin will fall 70% in the fourth quarter, according to the company. The price of generic insulin lispro, which is the same product as Humalog, will drop to $25 a vial on May 1, which Lilly says is less than Humalog cost in 1999. Humalog and the generic version are rapid insulins used to control high blood sugar in adults and children with type 1 and 2 diabetes.
Lilly also said it would cap out-of-pocket costs for its insulin at $35 a month at some retail pharmacies.
Why it matters: More than 1 million American adults ration insulin because of its high costs, according to a study in the Annals of Internal Medicine, Axios' Oriana Gonzalez writes.
What they're saying: "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 Lilly CEO David Ricks said in a statement. "The aggressive price cuts we're announcing today should make a real difference for Americans with diabetes."
Between the lines: Lilly's move comes amid a push by President Biden and some in Congress to cap out-of-pocket insulin costs for commercially insured patients.
The Inflation Reduction Act limited monthly out-of-pocket insulin costs to $35 for Medicare beneficiaries starting this year but didn't extend the cap to the private market. Many Republicans view such a move as interfering with the market.
Lilly also has been striking deals to boost affordable insulin in developing nations, most recently Bangladesh, per Fierce Pharma. Lilly, Novartis and Novo Nordisk dominate the U.S. insulin market.
By the numbers: A recent Axios-Ipsos poll found that 84% of Americans strongly or somewhat support placing a $35-per-month limit on the out-of-pocket costs for insulin.
"Manchin’s daughter, Heather Bresch, was the president and chief executive officer of Mylan Inc., a pharmaceutical company that specialized in generic drugs. The company raised the price of a two-pack of EpiPen from around $124 dollars in 2009 to $609 in 2016. "
Hopefully, others like Novo Nordisk will follow suit.
Frederick Banting invented insulin in 1923. He felt it was unethical for a Dr to profit from a discovery that would save lives. His co-inventors sold the insulin patent to the University of Toronto for $1.00 with the understanding that cheap insulin would become available.
And thanks to greedy Big Pharma associates, they have screwed those who need this drug.
Not to take anything away from those who need insulin, but I wish people would go after Big Pharma for other drugs they have raised prices on astronomically, just because they can. For instance, I use Advair Discus. When I first purchased this, it was $42 for one. Last year the price for a 3 month supply of this was in the $400 price range. This year the price is now $852 for that same 3 month supply. Yet, when I checked the price for this in Canada pharmacy’s, this same 3 month supply ranges in price from $47.15 all the way up to $365.74.
I understand all the research and everything that goes into making these drugs, but for prices to go up so high, and be all over the spectrum depending on where you purchase a drug, it is insane. Unless my Dr will let me go to a pharmacy in Canada for this Advair discus, I will stop taking it.....even if it does help me.
I buy here for Synthroid brand. Big difference. My doctor steered me to this place.
Is this what you’re taking? They have generic and brand.
https://www.northwestpharmacy.com/product/advair-diskus
Walmart has been selling Novolin-R for about $25 a vial for several years. High bloody time Lilly got the message.
That is what we pay Tricare Life for 3 months of Humalog. That is UP from last year.
They will still make plenty of money.
P
[[Unless my Dr will let me go to a pharmacy in Canada for this Advair discus, I will stop taking it.....even if it does help me.]]
Yep- prices are insane-
Docs put me on Trelegy- the bill for it was over $600 for one month- my health insurance told me they would no longer cover pro-air, which is a basic asthma drug that costs about 1/10’th of what Trelegy does- so now i have to find another rescue inhaler- I’m no longer using Trelegy- it did practically nothing to help with my breathing issues anyways- I got short of breath just as often with it as without-
It is a crime that insulin costs so much- That is another thing Trump got the price way down for when he was president- now the left are cranking the price right back up again- they are thieves- and manchin should be ashamed of himself and herself for going along with it- -
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