Diabetes doctor says it's "high time" insulin prices are lowered

Dr. Satish Garg with the University of Colorado Barbara Davis Center for Diabetes says drug manufacturers need to lower insulin prices.

"These insulins cost hardly anything to make it and patients were being charged sometimes anywhere between $200 to $600," he said.

The first company to do it is Eli Lilly. The company announced they are cutting the price of their most commonly prescribed insulins by 70% and they will cap the monthly price for the life-saving drug at $35 per month for people with insurance or people who download a coupon on their website.

"It's high time, man... it is a big deal,"  said Garg.

He says it is a good start, but patients should be aware this price cut doesn't apply to all insulin.

"This is only for rapid-acting insulin. Most people with diabetes who require insulin who are not on pumps, they require both," said Garg.

Americans with diabetes have struggled for years as the price of insulin tripled in the past few decades. Garg says he thinks pressure from patients and lawmakers just became too much for Eli Lilly.

"They knew this is coming, there was a huge public outcry," he said.

While for now this only applies to Eli Lilly products Garg thinks more companies will follow suit, "All insulin should cost the same. It is coming I think it's a matter of time."