US pharmaceutical company Eli Lilly will later this year lower the price of some of its old insulin and soon give more patients access to a cap on the cost they pay to fill a prescription.
The measure announced on Wednesday (1/3) promises important relief for some diabetics who sometimes pay thousands of dollars each year to get the insulin they need to live. Prices were also lowered after members of the US Congress and patient advocates pressed drugmakers to do something to deal with soaring prices.
Lilly said it would reduce the set prices for some of its most commonly prescribed insulin, Humalog, and another type of insulin, Humulin, by 70 percent or more in the fourth quarter, starting in October.
Lilly CEO David Ricks said on Wednesday that the price reduction was in place to address issues impacting the price of insulin that patients ultimately pay.
In his State of the Union address last month, President Joe Biden alluded to the cap on insulin prices. He asked for the price of insulin per person to be capped at $35. Biden said in his statement Wednesday that Lilly responded to his request. [ka/jm]
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