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Eli Lilly announced that it will be slashing the price of its insulin products by 70%. Starting on May 1, the cost of its non-branded, fast-acting insulin will be reduced to $25 a vial. In addition, the company's most commonly prescribed insulin injectable Humalog and other variations, including Humalog U-100, Humalog Mix 50/50, and Humalog Mix 75/25, will see their prices cut between October 1 and December 31.
The pharmaceutical company will also launch Rezvoglar, a new long-acting insulin that is interchangeable with Sanofi's Lantus, on April 1. It will cost $92 for a five-pack of KwikPens, which is 78% cheaper than Lantus.
Eli Lilly is also expanding a program that caps monthly insulin costs at $35 for people with private insurance. The program is available at about 85% of retail pharmacies across the country.
"The aggressive price cuts we're announcing today should make a real difference for Americans with diabetes," said Lilly's Chair and CEO, David Ricks.
"We are driving for change in repricing older insulins, but we know that 7 out of 10 Americans don't use Lilly insulin," Ricks said. "We are calling on policymakers, employers, and others to join us in making insulin more affordable."
The price reductions come amid pressure from federal lawmakers to lower to cost of insulin. The Inflation Reduction Act, which was passed in August, set a monthly cap of $35 on insulin products for people on Medicare.