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US pharmaceutical giant Eli Lilly would cut the cost of its insulin by 70 percent through a series of steps, such as capping out-of-pocket costs at $35 per month for people with insurance.
However, while the US$35 cap takes effect immediately, other measures will be implemented later in the year.
According to the Indianapolis-based Lilly, they are taking actions to make it easier for Americans to access their insulin and help those having ”difficulty navigating a complex healthcare system."
US president Joe Biden called on other pharmaceutical firms to follow suit, noting that it's “flat wrong” to force Americans to pay over $300 for insulin, which costs less than $10 to make.
A centerpiece is the 70 percent price drop in Humalog, Lilly's most commonly prescribed insulin.
According to a 2020 Rand Corporation study, Insulin prices in the US have soared 8 times more than in 32 comparable high-income countries.
But much of the bounty from lofty prices do not go to pharma firms but is passed on to health insurers in the form of rebates.
