Major drugmaker cuts insulin costs by 70 per cent in the US
If you’re among the millions of individuals who require insulin treatments by syringe or insulin pen to manage your diabetes, you probably know how costly this life-saving medicine can become and the debate that’s been swirling around these high costs for quite some time.
Many Americans have been spending hundreds of dollars, and in some cases over $1000, per month to secure the insulin they need to control blood sugar and lower the risk of diabetes-related health complications including cardiovascular disease, neuropathy, kidney disease, retinopathy, and a host of other dangerous conditions.
Recently, the government approved a cap on insulin for those on Medicare at $35 per month. This was great news for a lot of Americans. However, many younger individuals who need insulin for Type 1 diabetes, and others who are not eligible for Medicare, we’re still dealing with some serious costs.
Eli Lilly and Co announces insulin price cuts!
On Wednesday, March 1st, Eli Lilly made the much-anticipated announcement that the Indianapolis-based drug maker will cut list prices by 70% for its most commonly prescribed insulin products, Humalog and Humulin, beginning in the fourth quarter of 2023.
Additionally, Eli Lilly will reduce the price of its Lispro insulin injection to $25 per vial and expand its insulin value program so that an existing cap on some insulins will now be available in roughly 85% of pharmacies in the United States.
Who Will Benefit?
The new pricing structure initiated by Lilly will likely help around two million Americans living with diabetes pay for the insulin they need at a price that, while not entirely affordable, will surely relieve a big financial burden for many struggling to make ends meet each month.
Currently, the new pricing limits in place for Medicare recipients are helping about 3.3 million Americans with diabetes pay no more than $35 a month for the insulin they need. This new move by Lily will be a big help for about 1 out of 5 individuals with diabetes who have private insurance, and even bigger help for the 17% of insulin users who are managing their disease without health insurance.
According to the American Diabetes Association, out of the estimated 37 million Americans who are living with diabetes, somewhere around 8.4% require insulin to manage their disease, making this announcement a big step in the right direction for diabetes health and treatment in the United States.
The move by Lilly comes in the wake of President Biden’s push to extend the insulin $35 cost cap those on Medicare recently secured to the rest of the American population living with diabetes. In an interview with CNN, Eli Lilly and Co CEO, Dave Ricks, said, “While we could wait for Congress to act or the healthcare system in general to apply that standard, we’re just applying it ourselves.”
Ricks went on to state that he believes the new price cuts should become the new standard in America and urged other companies in the industry to follow Lilly’s lead.
While some analysts call the move a preemptive reaction to get ahead of lawmakers and the growing possibility that Congress will soon cap insulin prices, for those with diabetes the reasons aren’t as important as the results. With so many American families struggling to make ends meet, and some even skipping or altering prescribed dosages to save money, these lower insulin prices will be game changers, if not lifesavers.
Improved Diabetes Management
What these lower insulin prices will surely mean for so many Americans living with diabetes is better management of their disease and greater control over their blood sugar.
Proper diabetes management is a combination of regular blood sugar testing; maintaining a healthy diet that is low in carbs and fats, and rich in proteins and nutrients; getting plenty of physical activity or exercise each week; and, for many, adhering to a doctor-prescribed medication plan that usually includes insulin treatments.
Remove any one of these from the equation and maintaining blood sugar control becomes a lot more difficult. So, if the new price reductions on insulin help more people stick to their medication schedule, it can only be good for the health and wellness of our nation.
We hope you found this update informative and insightful. At Diabetic Warehouse, we’re committed to keeping the diabetes community informed with the latest news and happenings that impact diabetes management and treatment.
Diabetic Warehouse is a trusted supplier of diabetes care products and accessories. For more information and to explore a complete range of products, including glucose meters and test strips, insulin syringes, pen needles, continuous glucose monitoring systems, and more, visit www.diabeticwarehouse.org.