Pharmaceutical Company Cut Prices For Insulin
President Biden said American families have been "crushed" by drug costs for a long time and pay more than what people do in other countries.
On Wednesday, pharmaceutical Eli Lilly announced a series of price cuts that would lower the price of the most common form of its insulin.
The price cuts are expected to lower insulin prices by 70%. For people who have private insurance and use participating pharmacies, the price will cap at $35.
The company also announced it is expanding its insulin value program that caps out-of-pocket costs at $35 or less per month for people who do not have insurance.
Eli Lilly also cut its non-branded insulin to $25 a vial which marks the lowest list-price mealtime insulin available. Pre-price cut, the non-branded vial cost $82.41.
President Biden said American families have been “crushed” by drug costs for a long time and pay more than what people do in other countries. He also said that insulin costs less than $10 to make, but “it’s wrong” that Americans have to pay over $300 for it.
Biden urged other pharmaceutical companies to join in and cut insulin prices.