Eli Lilly, a pharmaceutical giant company recently announced that it will drastically reduce the price of insulin for people with diabetes. This happening after President Biden’s State of the Union, earlier last month were he promised Americans lower out-of-pocket insulin cost.
In case you weren’t aware the cost of insulin TRIPLED only from 2002-2013 and still continues to rise, but with this new initiative by Eli Lilly people who suffer from diabetes can have some type of financial alleviation.
So how is this expected to work? Eli Lilly projects on cutting the price of Humalog by 70% by the fourth quarter of this year, 2023, and its non-branded insulin is planned now be $25 a vial. In addition to this reduced price they have also capped out-of-pocket cost for insulin at $35/ month.
Lilly CEO David Ricks stated “Today represents another important step forward in ensuring affordable access to insulin.”
We can all agree that this announcement is a step in the right direction for those in need of insulin. Hopefully, this move will encourage other pharmaceutical companies to follow suit making affordable drugs to every American.
