Source: NurPhoto / Getty
INDIANAPOLIS — Eli Lilly has announced plans to cut the price for insulin products later this year and immediately expand a spending cap for insured patients.
Lilly will have a price reduction of 70% for its most commonly prescribed insulins and will expand its Insulin Value Program that caps patient out-of-pocket costs at $35 or less per month.
“We think it’s time to reduce out of pocket costs for insulin and have insurance work as intended, which is to shield people from their healthcare cost,” David Ricks, Eli Lilly CEO, said.
The decision impacts customers with private insurance, no insurance, Medicare and Medicaid.
According to a news release, the move was put in place to help people living with diabetes that often face annual costs of more than $1,000 for the life-saving insulin they need.
People with Type 1 diabetes must take insulin every day to survive. More than 8 million Americans use insulin, according to the American Diabetes Association.
Read more from WRTV here
