Facing Public Outrage And Congressional Heat, Eli Lilly Announces It Will Sell Half-Price Version Of Its Pricey Insulin Drug
“There are clearly patients who, despite many best efforts, are struggling to afford their insulin,” David Ricks, the chief executive of Eli Lilly, said in an interview. “This is a step we can take to close part of that remaining gap.” The move comes as senators and the public turn their attention to why the critical drug's price has skyrocketed in recent years.
The New York Times:
Eli Lilly Will Sell Half-Price Version Of Humalog, Its Popular Insulin
The drugmaker Eli Lilly will begin selling a cheaper version of its most popular insulin, Humalog, in an effort to head off criticism about the rising costs of prescription drugs, the company said Monday. Lilly will begin selling an “authorized generic” of Humalog 100 for $137.35 per vial, a 50 percent discount off the list price. An authorized generic means that, except for the label, it is identical to the brand-name drug and manufactured in the same facilities. The new product, which the company said would be made available as quickly as possible, will be called Insulin Lispro and will be sold through a Lilly subsidiary, ImClone Systems. (Thomas, 3/4)
Drug Company Announces New Version Of Insulin At Half The Price
"While this change is a step in the right direction, all of us in the health care community must do more to fix the problem of high out-of-pocket costs for Americans living with chronic conditions," Eli Lilly CEO David Ricks said in a statement. "We hope our announcement is a catalyst for positive change across the U.S. health care system." The move received some measured praise from lawmakers in both parties on Monday, but they also stressed that much more needs to be done. (Sullivan, 3/4)
Eli Lilly Introduces Generic Insulin At Half The Price Of Brand-Name Drug
"We don't want anyone to ration or skip doses of insulin due to affordability. And no one should pay the full Humalog retail price," Ricks said, describing the generic drug as "a bridge that addresses gaps in the current system until we have a more sustainable model." In February, seven executives of top pharmaceutical companies were grilled before a congressional panel about the nation's skyrocketing drug prices. A week prior, Sens. Chuck Grassley and Ron Wyden began an investigation into insulin prices, sending letters to leading manufacturers Eli Lilly, Novo Nordisk and Sanofi about their recent price increases. (Nedelman, 3/4)
Lilly Will Sell A Half-Price Version Of Its Insulin. Will It Appease Critics?
The move reflects growing anger at the pharmaceutical industry, although insulin has been a particular focal point among patients and, subsequently, lawmakers. The average list price for insulin nearly tripled between 2002 and 2013, according to the American Diabetes Association. More than 30 million Americans have some form of diabetes. Fifteen years ago, for instance, a patient with diabetes might have paid $175.57 for a 20-milliliter vial of the long-acting insulin Humulin R U-500, another Lilly treatment. Today, that medicine would cost $1,487. However, a recent study estimated the cost to produce a vial of human insulin is between $2.28 and $3.42, while the cost to produce a vial of most analog insulins is between $3.69 and $6.16. (Silverman, 3/4)
Here's Why Eli Lilly Will Sell A Generic Insulin
Indianapolis-based pharmaceutical company Eli Lilly announced Monday that it will sell a generic version of Humalog, its branded insulin product. The generic will cost $137 per vial, or half as much as Humalog. (Segarra, 3/4)
Lawmakers Commend Generic Insulin Price Drop
A number of influential lawmakers from both parties on Monday supported an announcement by drugmaker Eli Lilly & Co. to sell a generic version of a costly form of insulin but said more should be done to combat the high price of prescription drugs. Eli Lilly is one of the three main U.S. drug manufacturers that sell insulin, which 7.4 million Americans with diabetes rely on to survive. The cheaper version of Eli Lilly’s drug Humalog will be 50 percent cheaper than the brand-name drug and will be sold in vial and pen options. The vial will sell for $137.35. (Raman, 3/4)