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

 |  March 2, 2023

Recently, Eli Lilly announced that it would be cutting the prices of its insulin products by 70%, CNN reported. This news comes after years of public outcry over the high cost of insulin, which has been dubbed the “silent killer” due to the deadly consequences of rationing the life-saving medication.

The move by Eli Lilly is being seen as a direct response to the growing public pressure to address the rising cost of insulin. The company is the first to announce such a price cut, and it is expected that others will follow suit.

Related: US: Eli Lilly confirms US$8B takeover of Loxo Oncology

Nearly 8.5 million diabetic Americans rely on insulin to control their blood sugar levels. Nearly all the supply comes from three companies, and the average cost of the drug has more than tripled in this century.

President Joe Biden heralded the announcement as “a big deal.” “For far too long, American families have been crushed by drug costs many times higher than what people in other countries are charged for the same prescriptions. Insulin costs less than $10 to make, but Americans are sometimes forced to pay over $300 for it. It’s flat wrong,” Biden said in a statement on Wednesday.