Eli Lilly will cap the out-of-pocket cost ofits insulin at $35 a month, the drugmaker said Wednesday. The move, experts say, could prompt other insulin makers in the U.S. to follow suit.
The change, which Eli Lilly said takes effect immediately, puts the drugmaker in line with a provision in the Inflation Reduction Act, which in January imposed a $35 monthly cap on the out-of-pocket cost of insulin for seniors enrolled in Medicare.Â
President Joe Biden praised the move in a tweet, calling on other drugmakers to also lower insulin prices. Biden made insulin costs a focus of his State of the Union speech last month.
The American Diabetes Association also applauded the decision, and encouraged other insulin manufacturers to lower costs.
Insulin makers have faced pressure frommembers of Congress and advocacy groups to lower the cost of the lifesaving medication.Insulin costs in the U.S. are notoriously high compared to the costs in other countries; the Rand Corporation, a public policy think tank, estimated that in 2018, the average list price for one vial of insulin in the U.S. was $98.70.
“Patients should have a consistent and lower cost experience at the pharmacy counter,” David Ricks, Eli Lilly’s CEO, said on a press call Wednesday.
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