Thursday, 21 March, 2019

Under fire for soaring prices, Lilly to sell half-price insulin

Lilly to launch half-price version of insulin Lilly to sell cheaper version of top-selling insulin
Celia Hoffman | 07 March, 2019, 04:06

Pharmaceutical company Eli Lilly will sell a cheaper generic version of its rapid-acting insulin Humalog, according to a statement Monday from Chairman and CEO Dave Ricks.

In January, Wyden said there was no clear reason "why the list price of Eli Lilly's main insulin drug, Humalog, went from $21 a vial in 1996 to its current list price of $275".

The news comes as the US government intensifies its scrutiny of the pharmaceutical industry and rising USA prescription drug prices, a top voter concern and a priority of President Donald Trump's administration. A five-pack of the insulin pens will be $265.20.

In fact, the drug called Insulin Lispro will be identical to Humalog except for its packaging and its price-it will cost $137.50 per vial, or 50% less than Humalog, reports the New York Times.

The new generic version is aimed largely at those without insurance and those who pay a large portion of their drug costs even with insurance. "Out-of-pocket" costs vary based on the duration of the treatment and individual healthcare plans.

As per trusted sources, the move comes at the wake of growing concerns pertaining to the rising drug prices, especially insulin, which has pushed several diabetes patients to cut their doses to save costs, with some cases resulting in harmful and deadly complications.

More news: Fox News Reportedly Buried Stormy Daniels Story Before Election to Help Trump

Marston is one of the 1.25 million people in the U.S. who have Type 1 diabetes, and therefore need to inject insulin to live.

Eli Lilly typically issues rebates on its products but those "do not directly benefit all patients".

In an interview last week, Yahoo Finance asked Grassley if he planned to call on the insulin manufacturers to testify before the committee. "Millions of Americans with Medicare or employer coverage will continue to face Eli Lilly's exorbitant list price". In the two years since that launch, the net price per prescription for the class of basal insulins in the USA has decreased by approximately 30 percent. Oregon Democrat Sen. Ron Wyden said in a statement Monday that Lilly's decision to offer a generic version of a long-established drug like Humalog will be part of that investigation.

Humalog brought in $1.8 billion in US sales previous year for Indianapolis-based Eli Lilly and Co.

In 2012, Marston lost her job and found herself paying the full list price for Humalog, a life-saving medication used by people with diabetes to help process sugar found in the blood.

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