: Insulin costing $35 a month ‘should be the new standard in America,’ Eli Lilly CEO says. But could this happen?

by | Mar 2, 2023 | Stock Market

Eli Lilly’s announcement that it will cut the price of insulin for people with commercial health insurance — capping out-of-pocket insulin costs to $35 — highlights just how much money people are paying on these injections. The $35 monthly limit is what people with commercial health insurance plans using Lilly insulin will be paying at participating retail pharmacies, the drug maker said Wednesday. The 70% price cut will also reduce prices on its  non-branded Insulin Lispro to $25 a vial.

The $35 price tag is the same monthly limit that Medicare beneficiaries now pay on a month’s supply of insulin, after rule changes from last year’s wide-ranging tax, climate and healthcare law, known as the Inflation Reduction Act. But the question remains: will $35 become the new going rate on out-of-pocket insulin costs for the more than 37 million Americans with diabetes? “With the change last year in the Medicare Part D benefit, the senior benefit, to $35, we think that should be the new standard in America,” David Ricks, Lilly’s chair and CEO, said Wednesday during an appearance on CNN. Also Wednesday, President Biden tweeted: “We passed the Inflation Reduction Act to cap the cost of insulin at $35 a month for seniors on Medicare, but there was more work to do. I called on Congress and manufacturers to lower insulin prices for everyone, and Eli Lilly is taking action.” Almost 2.6 million Americans use Lilly insulin, according to a company spokesperson. More than one-third of those recipients get it via Medicare Part D while almost 43% of Lilly insulin users access it through commercial insurance, third-party assistance or …

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