CORPUS CHRISTI, Texas — One of the biggest manufacturers said it will lower the out-of-pocket cost of insulin.
Drug maker Eli Lilly said it's cutting the list price of its most prescribed insulin by 70% and capping out-of-pocket costs at $35 a month.
In January, the inflation reduction act imposed a monthly cap on insulin costs for seniors on Medicare, but millions of younger diabetics were still paying much higher rates. Eli Lilly’s cap automatically applies to people with private insurance.
Those without coverage will be eligible as long as they sign up for a savings card through the company. But only about 30% of the nation's 8.4 million diabetics who rely on insulin get it from Eli Lilly.
"Such a relief. It's a huge, significant step in making this disease manageable,” Annemarie Gibson, parent of children who use insulin, said.
The cost has been a problem for many Americans who are forced to ration their insulin. And the average price of the drug nearly tripled between 2002 and 2013, according to the American Diabetes Association.
Other companies appear to be following. Wednesday, insulin makers Sanofi and Novo Nordisk pointed to their own savings plans for participants.