American pharmaceutical company Eli Lilly announced yesterday that it would cut prices in insulin preparations Humalog and Humulinwhich in our country cost about 40 and 25 euros respectively, up 70% since the last quarter of this year.
The decision comes amid strong criticism from US pharmaceutical companies for raising the cost of many drugs, including insulin, as President Joe Biden recently legislated a $35 cap on the offer price for those with insurance.
“While we could wait until Congress takes action or the health system decides, we’ll just implement it ourselves,” CEO Dave Ricks told CNN.
The pharmacist will also reduce the price of non-branded Lispro insulin to $25 per vial and expand its insulin value-add program, which will apply the $35 cap to approximately 85% of U.S. pharmacies.
Ricks said patients using other non-participating pharmacies can get a discount through the drug company’s website.
He also said price cuts “should be the new normal in America” and called on other companies and stakeholders to “come together at this moment.”
About 8.4 million of the 37 million people with diabetes in the US use insulin, according to the American Diabetes Association.
Eli Lilly, along with Sanofi and Novo Nordisk, accounts for 90% of the US insulin market.
Pharmaceutical companies have previously priced insulin at more than $275 a vial, up 1,200% over the past 20 years, according to the Insulin Initiative, a diabetes support group.
Source: Kathimerini
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