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Eli Lilly Settles Insulin Price-Fixing Lawsuit

By  |  May 31, 2023

Insulin purchasers submitted a request to a federal judge in New Jersey on May 26 regarding a proposed settlement for a class action lawsuit against Eli Lilly & Co., claiming that the company inflated the medication’s price.

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    As per the proposed agreement, the pharmaceutical company would offer a payment of $13.5 million and establish a cap on the price of insulin.

    After six years of litigation, Insulin buyers and Eli Lilly have agreed to a proposed class action settlement. The settlement allows eligible patients to purchase Eli Lilly insulin medications sold under the Humalog, Humulin and Basaglar names for a maximum of $35 out of pocket each month, according to the settlement motion.

    Read more: Eli Lilly To Cut Insulin Prices By 70%, Cap Customers’ Costs

    According to the motion for preliminary approval of the class action settlement, the insulin price cap would be ensured for a minimum of four years.

    If approved, individuals who bought Eli Lilly insulin products covered by the settlement may receive cash payments from the $13.5 million class action settlement fund.

    “The settlement provides no reversion to Lilly and completely freezes the out-of-pocket insulin expenses for covered insulin products for the settlement class members for four years, a very substantial concession in an era where drug prices are skyrocketing and inflation generally is a significant concern,” the plaintiffs say in their motion.