'A tremendous effort': Eli Lilly to slash the price of insulin drugs to $35
CHICAGO (CBS) -- In a major announcement, drug maker Eli Lily said it's slashing the price of insulin drugs.
It'll bring the price down to as low as $35 a month for patients who pay out of pocket.
CBS 2's Andrew Ramos spoke with medical experts here in Chicago who call it a game changer.
"Lily is going to buy down all of our customers out-of-pocket costs to $35 at the pharmacy counter automatically," said Eli Lilly CEO Dave Ricks.
it's an announcement that health care advocates hope causes ripples in the pharmaceutical world: Drug maker Eli Lilly and Co. said it's dropping the cost of its insulin products, which are life-saving resources for diabetics.
The move is a reversal for the company, which hiked their prices for such drugs over the years.
"It is not uncommon for a patient to come in with uncontrolled hyperglycemia, sugars, elevated to dangerous levels just because they can't afford insulin."
Doctor Joshua Evans, Medical Director of Primary Care at Loyola Outpatient Center, said while this is a game changer,he hopes it becomes a widespread trend.
"When you consider your monthly's, your expenses for rent and housing and food and on top of that the price for medication, whatever the category is, it's an absolute concern," Evans said.
"We call on everyone to meet us at this point and take this issue away from a disease that is already stressful and difficult to manage already," Ricks said.
Statewide, approximately 1.3 million adults in Illinois have diabetes, where the disease is most prevalent in Hispanic and Black communities. Eli Lilly's price drop in insulin could soon change that landscape.
"By leveling the price or capping the price, is a tremendous effort to hopefully close the gap on some of those disparities," Ricks said.