Eli Lilly plans to cut the prices of its diabetes treatment products by 70% and take other steps to make it easier for patients to afford the drugs.
The company said the price cuts would take effect in Q4 for Humalog and Humulin, its two biggest-selling insulin products.
Eli Lilly said it would cut the list price of its unbranded insulin product from $82 a vial to $25.
- The company also said it plans to improve a program capping patients' out-of-pocket costs at $35 a month.
- The moves come as the company has faced mounting pressure to cut the prices of its diabetes-treatment products.
- The American Diabetes Association praised Lilly for its moves and encouraged other insulin manufacturers to do the same.
- President Joe Biden also commended Eli Lilly for the price cuts and asked other manufacturers to follow suit.
- Biden called on Congress to cap the price at $35 a month for everyone during his State of the Union address last month.
