Eli Lilly To Bring Insulin Prices Down By 70%: What Does This Mean For Patients?

Introduction

Diabetes affects over 34 million Americans, and its complications can be fatal. While research has made insulin accessible to many of those suffering from the disease, the cost of this life-saving medication continues to be out of reach for some. Now, pharmaceutical company Eli Lilly has announced plans to reduce the price of their insulin products by up to 70%. This is a potentially game-changing move that could make these medications far more affordable for patients in need. In this blog post, we’ll explore what this decision means for patients and how it could help those struggling with diabetes access the treatments they need.

What is insulin?

Insulin is a hormone that helps the body use blood sugar for energy. It is made in the pancreas, and when it is not working properly, blood sugar can build up to dangerous levels.

There are two types of diabetes: Type 1 and Type 2. Type 1 diabetes happens when the body does not make enough insulin. Type 2 diabetes happens when the body does not use insulin properly.

Lilly’s new program will discount their insulin products by up to 50% for patients who pay cash. This will help make insulin more affordable for those who need it.

How much does insulin cost?

The average person with diabetes spends about $255 a month on insulin. But prices have been rising, and some patients are paying twice that much or more. Last year, the list price of Humalog, an insulin made by Eli Lilly, rose from $265 to $285 for a vial of 10 milliliters, and the price of a 5-milliliter vial of Novolog from $265 to $275.

Eli Lilly has announced that it will be cutting the prices of its insulins by 10%, in an effort to make them more affordable for patients. This is good news for the millions of Americans who rely on insulin to manage their diabetes.

It’s important to note that while the list prices of Lilly’s insulins will be dropping, the actual prices paid by patients may not change much, as insurers often negotiate discounts with drug companies. However, this price cut could put pressure on other insulin manufacturers to lower their prices as well.

And even if your insurer covers most of the cost of your insulin, you may still be paying something out of pocket. For example, you may have a deductible to meet before your insurance kicks in, or you may need to pay a copay or coinsurance for your prescriptions. So any savings from lower-priced insulin can help ease the financial burden on patients.

Why are insulin prices so high?

There are a few reasons that insulin prices have been so high in recent years. One reason is that the cost of production for insulin has gone up. Another reason is that there are only a few companies that produce insulin, so they have more power to set higher prices. And finally, because insurance companies often cover only a portion of the cost of insulin, patients have to pay more out-of-pocket.

The good news is that Eli Lilly has announced that it will be reducing the price of its Humalog insulin by 15%. This is a significant reduction, and it will hopefully help to bring down the overall cost of insulin for patients. It remains to be seen, however, how other companies will respond to this announcement, and whether or not they will also lower their prices.

What is Eli Lilly doing to bring down the cost of insulin?

In an announcement made on March 5th, Eli Lilly stated that it would be cutting the prices of its insulin products by 10%. This is a direct response to the public outcry over the high cost of insulin.

This price cut comes as a result of negotiations between Lilly and major pharmacy benefit managers (PBMs). Under the new arrangement, PBMs will pay Lilly a rebate if patients use any of Lilly’s insulins – Humalog, Humulin, Basaglar – for more than 50% of their total insulin needs.

This is good news for patients who are struggling to afford their insulin. However, it’s important to remember that this is just a small step in the right direction. The reality is that insulin prices have been rising for years, and even with this price cut, they will still be much higher than they were just a few years ago.

That said, this is a positive development, and we hope to see other pharmaceutical companies follow suit in bringing down the cost of life-saving medications.

What does this mean for patients?

For patients with diabetes, this news from Eli Lilly is very good indeed. For years, the cost of insulin has been rising, and patients have had to bear the brunt of these increases. Now, with Eli Lilly promising to bring prices down by 20%, patients can finally breathe a sigh of relief.

This decrease in price will undoubtedly lead to increased access to insulin for many patients who previously could not afford it. Additionally, it may also help to ease the financial burden on those who are already struggling to pay for their insulin.

Of course, it is important to remember that while this is a step in the right direction, there is still much work to be done in terms of making insulin affordable for all patients. However, this news from Eli Lilly is certainly a positive step forward.

Conclusion

The news that Eli Lilly and Company will be reducing the cost of its insulin medications by 70% is welcome news for diabetes patients. The reduced prices should make it much easier to afford their necessary treatments, which in turn can improve their overall health outcomes. It remains to be seen if other pharmaceutical companies follow suit with similar price reductions, but this is a great start towards making sure everyone has access to the medications they need at prices they can afford.