Eli Lilly and Co’s move follows a public plea from President Joe Biden for lower prices of the diabetes treatment for all Americans.
US pharmaceutical giant Eli Lilly announced it would cut the cost of its insulin by 70 per cent, with President Joe Biden calling on others to follow suit to tackle soaring drug prices. Manufacturers have ratcheted up insulin prices in recent years, hitting millions of Americans living with diabetes – and drawing sharp political criticism. “Insulin costs less than US$10 to make, but Americans are sometimes forced to pay over US$300 for it. It’s flat wrong,” Biden said in a statement on Wednesday. He hailed Eli Lilly’s price cut as “huge news”. “It’s time for other manufacturers to follow,” Biden added. Indianapolis-based Lilly announced a series of steps to rein in prices of the life-saving drug, such as capping out-of-pocket costs at US$35 per month for people with insurance. “Lilly is taking these actions to make it easier to access Lilly insulin and help Americans who may have difficulty navigating a complex healthcare system,” the drug maker said in a statement. ‘Young Hongkongers with prediabetes have 88 per cent risk of developing diabetes’ While the US$35 cap takes effect immediately, other measures will be implemented during 2023. A centrepiece is the 70 per cent price drop in Humalog, Lilly’s most commonly prescribed insulin. The incidence of diabetes in the United States in adults has doubled over the last 20 years, afflicting 37.3 million people, according to the US Centres for Disease Control and Prevention. Insulin prices have soared in the country, with the drug costing over eight times more than in 32 comparable high-income countries, a 2020 Rand Corporation study found.
