NEW: Eli Lilly is slashing the prices of its most-prescribed insulins amid pressure from consumers and the Biden administration. People with diabetes would see 70% reductions on its most common versions between now and the end of the year.
"While the current healthcare 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 Lilly CEO David Ricks said in a
. "The aggressive price cuts we're announcing today should make a real difference for Americans with diabetes."Lilly's move comes amid a push by President Biden and some in Congress to cap out-of-pocket insulin costs for commercially insured patients. The Inflation Reduction Act limited monthly out-of-pocket insulin costs to $35 for Medicare beneficiaries starting this year butLilly also has been striking deals to boost affordable insulin in developing nations, most recently Bangladesh, per
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