Pharmaceutical behemoth Eli Lilly will slash the cost of its popular insulin products, relieving some of the financial burden on millions of Americans with diabetes.
The major change comes amid decades of criticism from Democrats and patient advocates charging the pharmaceutical industry with unfair price gouging, forcing millions of diabetics to spend thousands of dollars per year on the life-sustaining medication.Â
The company said Tuesday that it will cut prices of its Humalog and Humulin injections, its two best-selling insulin products, by 70 percent in the fourth quarter.
And starting May 1, the company will lower the list price of unbranded insulin from $82 per vial to $25 per vial — the lowest price for insulin that diabetics take at mealtimes and less than the price of a Humalog vial in 1999.
By imposing a cost cap, Eli Lilly is making insulin products, which can cost uninsured people thousands of dollars per year, more accessible to the roughly 21 million Americans under 65 with diabetes.
Humulin is the injectable form of insulin made by Eli Lilly. The cost of a single vial will be capped at $35 for diabetics with private insurance
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