Topline:
Big news Wednesday morning for anyone who relies on insulin. Drug manufacturer Eli Lilly has announced that it’s cutting the price by 70% on its “most commonly prescribed insulins.”
Some details: The company is also expanding its Insulin Value Program that caps patient out-of-pocket costs at $35 or less per month.
Why now: The announcement comes after waves of criticism from Americans saying the drug, that’s vital to many people with diabetes, should be more accessible. The price of insulin has increased 600% over the last 20 years. The cost of insulin has prompted California lawmakers to commit producing thr state’s own brand of generic insulin to sell below-market prices.
Why it matters: According to the American Diabetes Association, 8 million people in the U.S. with diabetes rely on insulin (about 4 million in California) and Eli Lilly dominates the insulin market, along with two other competitors. Patients often struggle to pay the high costs of the life-saving drug — even when they’re insured.
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