Deadly Diabetes: Why the decreasing price of insulin could save lives
BALTIMORE -- Drug manufacturer Eli Lilly is making a big move to cut its insulin prices by 70%.
"I was thrilled to see one of the big companies doing that," Sinai Hospital Chief of Endocrinology Dr. Asha Thomas said.
The company is one of the three main drug manufacturers that produce insulin. It will now be capping out-of-pocket costs for customers at $35 a month.
This could be an industry game changer, Thomas said.
"It's sort of a harbinger," she said. "I think the other companies will likely do the same. I think they will have to."
The prices of insulin have skyrocketed over the years to the point where many people who need the drug have had to make tough choices in order to afford it.
Thomas said part of the struggle to purchase insulin is tied to the COVID-19 pandemic, which is when many people lost their jobs.
"As people lost coverage and didn't have health care, we were hearing about it a lot more," she said.
Last year, CBS News reported more than a million Americans were rationing their insulin doses to get by.
Not taking or rationing insulin can be deadly. Nicole Smith-Holt lost her son six years ago because he was rationing his insulin.
"I think if the price of insulin in 2017 had been $35, Alec would still be alive today," Smith-Holt said.
About 10% of the adult population in Maryland has diabetes and it's the sixth leading cause of death in the state.
The disease and its complications cost Maryland about $4.9 billion a year.
Last year, the state passed a bill requiring insurance companies to limit the amount a covered individual is required to pay for insulin to $30 for a month's supply.
That law went into effect on Jan. 1.
Thomas believes it's this type of action that is forcing drug manufacturers to adjust their prices.
"I think that once patients know that there is this option for insulin that is more affordable than what it was, that could be a game changer for people," Thomas said.
The state of Maryland is committed to helping people with diabetes and preventing people from getting it.
There is a diabetes action plan with tons of research about the disease in Maryland. It is available online.
