Eli Lilly to Cut Price of Insulin

INDIANAPOLIS, Ind. — Eli Lilly and Company said Wednesday that it is reducing the price of its most commonly prescribed insulins by as much as 70% and expanding a program that caps the monthly out-of-pocket cost for patients at $35.

The cost of insulin has been a flashpoint on Capitol Hill and the White House where it has entered into nearly every discussion of the high cost of health care in the U.S.

In a tweet, President Joe Biden called Lilly’s announcement “huge news.”

“Last year, we capped insulin prices for seniors on Medicare, but there was more work to do,” the president said. “I called on Congress — and manufacturers — to lower insulin prices for everyone else.

“Today, Eli Lilly is heeding my call. Others should follow,” Biden said.

It is estimated that about 30 million Americans rely on insulin as they try to manage diabetes. 

However, the drug, which is typically taken daily, has grown increasingly expensive, causing many diabetes patients to either ration their medicine or stop taking it completely.

In a press release issued Wednesday morning, Lilly said it was taking its actions “to help Americans who may have difficulty navigating a complex health care system that may keep them from getting affordable insulin.”

“While the current health care system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change,” said David Ricks, Lilly’s chair and CEO, in a written statement. 

“The aggressive price cuts we’re announcing today should make a real difference for Americans with diabetes,” Ricks continued. “Because these price cuts will take time for the insurance and pharmacy system to implement, we are taking the additional step to immediately cap out-of-pocket costs for patients who use Lilly insulin and are not covered by the recent Medicare Part D cap.”

As of May 1, 2023, the list price of Lilly’s non-branded insulin, Insulin Lispro Injection 100 units/mL, will drop to $25 a vial. 

At the time, it will become the lowest list-priced mealtime insulin available, and less than the price of a Humalog® vial in 1999.

That will be followed, by the end of the year, by a 70% reduction of the list price of Humalog® (insulin lispro injection) 100 units/mL1 and Humulin® (insulin human) injection 100 units/mL2.

Humalog® is Lilly’s most commonly prescribed insulin.

In addition, on April 1, the company will launch its new Rezvoglar® (insulin glargine-aglr) injection, a basal insulin that is biosimilar to, and interchangeable with, Lantus® (insulin glargine) injection, for $92 per five pack of KwikPens® — a 78% discount to Lantus.

In addition to reducing the list price of its insulins, Lilly said it will cap out-of-pocket costs at $35 at participating retail pharmacies for people with commercial insurance.

The company also said people who don’t have insurance can continue to go to InsulinAffordability.com and immediately download the Lilly Insulin Value Program savings card to receive Lilly insulins for $35 per month.

Lilly said it will launch a nationwide public awareness campaign “in coming weeks,” to help ensure insulin users understand how to take advantage of the cost reductions announced Wednesday.

Ricks said while Lilly believes it is “driving for change in repricing older insulins,” the reality is seven out of 10 Americans who use insulin don’t use its products.

“We are calling on policymakers, employers and others to join us in making insulin more affordable,” he said. 

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