Local advocacy groups cheer Eli Lilly's decision to cut insulin prices
CAMBRIDGE - Wednesday was a big day for local diabetes advocacy groups who've rallied to bring down the price of insulin. Eli Lilly announced it's cutting prices on its most commonly used insulin, Humalog, by 70%.
"This is a sigh of relief for a lot of people," said Executive Director of Project Insulin Eric Moyal.
By the end of 2023, the list price of Humalog will go from $274.70 to $66.40. A vial of the company's non-branded insulin will cost $25 starting May 1.
Project Insulin is a nonprofit in Cambridge working to ensure everyone has access to affordable insulin.
"If Big Pharma decides to bring down the price, the safety net gets smaller, and we can do our job better," said Moyal.
About 3 in 10 diabetics in the U.S. rely on insulin from Eli Lilly, which has an office in Cambridge. It's one of three major drug companies that control the market for the drug who have raised prices for the past two decades.
Moyal said insulin is the sixth most expensive liquid in the world, and the move comes at a necessary time. He says with such high prices, he's seeing diabetics reducing their intake, which can cause illness and even death.
"One in five people with insulin-dependent diabetes have to ration their monthly supply, so there's a lot of work to be done."
Depending on how your diabetes is treated, you can't just switch up your medication. WBZ-TV's Dr. Mallika Marshall says type 2 diabetics often use long-acting insulin instead of fast-acting types like Humalog.
"People with type 2 diabetes have their blood sugar controlled with different forms of insulin, which might make it difficult to switch from one brand to the next, which is why we're hoping other manufacturers will follow suit."
Something President Joe Biden agrees with, saying in a statement:
"Today, Eli Lilly, the largest manufacturer of insulin in the United States, announced that they are lowering their prices, capping what patients pay out of pocket for the drug maker's insulin products at $35. For far too long, American families have been crushed by drug costs many times higher than what people in other countries are charged for the same prescriptions. Insulin costs less than $10 to make, but Americans are sometimes forced to pay over $300 for it. It's flat wrong.
"Last year, I signed a law to cap insulin at $35 for seniors and I called on pharma companies to bring prices down for everyone on their own. Today, Eli Lilly did that.
"It's a big deal, and it's time for other manufacturers to follow."
