In light of the continuing rise of insulin costs and the numerous struggles of those with diabetes, pharma giant Eli Lilly CEO David Ricks recently made a monumental announcement that Eli Lilly plans to significantly reduce the price of its insulin products.
The announcement, which was made on NPR, detailed why Eli Lilly was taking this unprecedented action. Ricks pointed out that although Eli Lilly was not the underlying cause of the high insulin costs, it was a contributing factor in the rising prices. He acknowledged that the company had to contend with rising costs of raw materials and the competitive marketplace, but recognized the hardship those with diabetes were having in affording the medication. He made it clear that Eli Lilly was determined to make insulin more affordable, while still covering the company’s costs.
To reach this goal, Ricks announced that Eli Lilly would introduce a new and more affordable option for its insulin products. This new price, which is set to be 50 percent lower than original prices, will notably benefit both those with and without health insurance. While Medicaid and large insurance companies have negotiated price incentives, this new discount will make insulin much more affordable, especially for uninsured patients. Ricks also confirmed that Eli Lilly was in the process of collaborating with payers and manufacturers to reduce costs even further.
The announcement from David Ricks was undoubtedly good news for those with diabetes, who have been struggling with the rising cost of insulin for years. With this action, Eli Lilly has taken a momentous step to make insulin more affordable, and hopefully set an example for other corporations to follow suit. [ad_1]
NPR’s Ailsa Chang talks with Eli Lilly CEO David Ricks about the company’s move to cut down prices on some older insulins and cap how much people today have to spend out of their possess pocket.
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