An image of an Eli Lilly and Company pharmaceutical manufacturing plant in Branchburg, New Jersey, is showcased in the article. (Image source: Mike Segar | Reuters)
According to a report released by Senator Elizabeth Warren on Thursday, uninsured Americans are still paying an average of nearly $98 for a vial of Eli Lilly’s generic insulin, despite the company’s promise to reduce the list price to $25 per vial. The report reveals that Eli Lilly’s announcement to lower the price of its generic insulin, Lispro, from $82.42 per vial starting May 1, has not translated into significant relief for uninsured patients. Eli Lilly is one of the world’s largest insulin manufacturers.
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Senator Warren’s report surveyed over 300 chain and independent pharmacies in the U.S. to determine whether Eli Lilly’s price reduction had a positive impact on patients. The findings show that one-third of pharmacies charged uninsured patients $164 or more for a vial of Eli Lilly’s Lispro. Additionally, seven pharmacies charged $200 or more per vial, with two selling it for over $300. Chain pharmacies charged uninsured customers an average of $123 per vial, compared to $63 on average at independent pharmacies. Eli Lilly has not responded to CNBC’s request for comment on the survey.
These results indicate that Eli Lilly’s efforts to provide affordable and accessible insulin have not materialized for uninsured patients nationwide, according to Senator Warren. She believes that Congress needs to take further steps to address excessive prices, such as capping insulin copays at $35 per month for all patients, regardless of insurance status. Currently, President Joe Biden’s Inflation Reduction Act sets the copay cap at $35 per month for Medicare beneficiaries. Warren emphasizes the importance of taking action to ensure that uninsured Americans can access life-saving insulin without financial hardship.
A photo of Senator Elizabeth Warren speaking during a Senate Banking Committee hearing on Capitol Hill in Washington, D.C., is featured in this article. (Image source: Michael A. Mccoy | Getty Images)
Insured Americans typically pay a fraction of the list price for insulin, while uninsured individuals often have to bear the full cost, leading them to ration or forego this vital diabetes treatment. Senator Warren cites a 2022 study by researchers from Harvard and other institutions, which reveals that nearly 30% of uninsured patients with diabetes have skipped doses of insulin, taken less than prescribed, or delayed purchases over the past year.
Warren asserts that no American should have to choose between life-saving medication like insulin and basic necessities like food and shelter. Earlier this year, Eli Lilly, Sanofi, and Novo Nordisk committed to reducing the list prices of their most commonly prescribed insulins by at least 70% in late 2023. Eli Lilly and Sanofi also implemented a monthly out-of-pocket cap of $35 for insulin costs for individuals with private insurance. These three companies control 90% of the global insulin market.
However, Senator Warren’s survey raises concerns about the effectiveness of their cost-cutting measures. With approximately 37 million people in the U.S. living with diabetes, and 8.4 million relying on insulin, it is crucial to ensure that the cost of diabetes care remains affordable and accessible.
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