Starting January 1, 2021, Eli Lilly and Company (NYSE:LLY) will reduce the list price of Insulin Lispro Injection in the U.S. to match 2008 levels. The 40% price cut will also extend to the company’s non-branded insulins.
Still, the company acknowledged that people with fixed insurance co-pays or beneficiaries of Lilly’s affordability programs might not see direct savings for Insulin Lispro Injection.
In recent years, a number of politicians and physicians have complained about the high cost of insulin in the U.S.
For instance, Senator Chuck Grassley (R-Iowa) lamented earlier this year that insulin prices had “gone through the roof.” Several Democratic presidential candidates in 2020 also lambasted the high cost of insulin.
A 2020 article published in Mayo Clinic Proceedings reported that analog insulin costs 10 times more in the U.S. than in other developed nations.
The three Big Pharma firms have, however, sought to confront criticism through a series of initiatives. Novo Nordisk, for example, teamed up with Walmart earlier this year to offer private-brand analog insulin. In 2019, Sanofi announced an initiative to reduce insulin costs for some patients to $99 per month.
Lilly noted in a statement that it had enacted a series of affordability programs for insulin starting in 2017. “Today’s list price cut can further help people who are exposed within our healthcare system – the underinsured and uninsured,” said David A. Ricks, Lilly’s chairman and CEO, in a statement. “Half list-priced Insulin Lispro Injection has been adopted by a third of Humalog U-100 consumers. We hope this additional 40 percent cut can expand affordable insulin to more people with diabetes.”