Earlier this week on Wednesday, one of America’s biggest drug companies, Eli Lilly, announced they’ll be introducing price cuts to the most commonly used insulin shots, with the cuts going up to 70%.
This move would also cap the insulin costs at $35 per dosage for anyone with private insurance and shop for their remedies at participating pharmacies.
Eli Lilly and Co. decide to cap insulin at $35/dose
Aside from this, they may also be expanding their Insulin Value program, which would allow access to these capped prices to uninsured Americans as well.
We capped the cost of insulin for seniors on Medicare at $35.
But in my State of the Union, I said we needed to finish the job.
Well, today, Eli Lilly announced that they’re lowering prices for everyone else to $35.
Let’s keep it going. pic.twitter.com/XXBXe4HnR4
— President Biden (@POTUS) March 1, 2023
Even Biden, who’s about as tactless and clueless as they come, was happy to hear about this change, claiming it to be a “big deal”, even though we’re yet to see how things will unfold.
What’s actually discouraging about the current state of insulin is the fact it takes a grand total of $10 to produce a single dose; yet, some were paying upwards of $300 for it, which is unacceptable.
The drug is cheap and readily available in dozens of other countries of the world. Yet, it’s remained one of the most overpriced drugs on the US market, financially crushing the families that desperately needed it.
In a follow-up statement, Biden went on to plead with other pharmaceutical companies to follow in Eli Lilly’s footsteps, as it would make a life for the average American dealing with high blood sugar that much easier.
It was last year when Biden signed off on a law that would cap the remedy at $35 for seniors. Eli Lilly has more than outdone itself when it comes to making its products accessible.
A few months ago our staffer @snmrrw used Twitter Blue to make a parody account of Eli Lilly and announce “insulin is free now.”
But this one isn’t a parody: today Eli Lilly announced they’ll cap insulin prices at $35 a month.
You’re getting there, Lilly. 35 dollars to go. pic.twitter.com/V860TRW7Pd
— More Perfect Union (@MorePerfectUS) March 1, 2023
Insulin prices finally settling down
In fact, company officials have announced their nonbranded insulin will be selling as low as $25 per vial by May 1st this year, which would make it the cheapest option one could find on the market right now.
Even though it’s fairly cheap to produce, insulin costs have been up for years on end. It’s part of why so many Americans have reported rationing it ever since it spiked back in 2013. The growing price trend has continued to this day.
However, it may also be tied to the fact that diabetes is one of the most common chronic diseases in the US, as the number of adults suffering from it nearly doubled in the past two decades.
Eli Lilly execs woke up and decided to stop charging over $35/month for insulin. That’s all well and good—but lifesaving care shouldn’t rely on corporate whims. I’ll keep fighting to cap insulin prices for all Americans and ensure health care is treated like a basic human right.
— Elizabeth Warren (@ewarren) March 1, 2023
A rough estimate shows around 38% of the population have prediabetes, a condition that isn’t as serious, but is often a path toward the real deal.
This isn’t exactly news, though. Eli Lilly merely did its part of the bargain when it comes to making insulin more affordable for the masses.
Some states have been way ahead, capping insulin costs anywhere between $25 and $100, which also applies to adjacent devices and diabetes supplies that some of these patients may need.
Lilly was the first company to commercialize the drug some 100 years ago. It only makes sense for them to want to offer the most affordable option on the market, but this is bound to create a wave of insulin price drops across the nation.
