Eli Lilly will cut prices for some older insulins later this year and immediately give more U.S. patients access to a cap on costs.
Lilly’s planned cuts “could actually provide some substantial price relief,” said Stacie Dusetzina, a health policy professor at Vanderbilt University who studies drug costs.
The federal government in January started applying that cap to patients with coverage through its Medicare program for people age 65 and older or those who have certain disabilities or illnesses. Aside from Eli Lilly and the French drugmaker Sanofi, other insulin makers include the Danish pharmaceutical company Novo Nordisk.
People with Type 1 diabetes must take insulin every day to survive. More than 8 million Americans use insulin, according to the American Diabetes Association. Drugmakers may be seeing “the writing on the wall that high prices can’t persist forever,” said Larry Levitt, an executive vice president with the nonprofit Kaiser Family Foundation, which studies health care.
Ricks, the Lilly CEO, said the drugmaker made the changes announced Wednesday “because it’s time and it’s the right thing to do.”
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