the pharmaceutical laboratory Eli Lilly reported this Wednesday that it will cut the price of its insulin by 70%. Through a statement to its investors, the US company said it plans to expand its Insulin Value program “to make this drug more affordable.”
“Insulin Value limits patient out-of-pocket costs to $35 or less per month. Lilly is taking these steps to facilitate access to Eli Lilly insulin and help Americans who may have difficulty navigating a complex health care system that may prevent them from obtaining affordable insulin,” the statement said.
What Lilly products will have a price drop?
As indicated Univisionthe products that will have a cut in their cost during the year starting on April 1:
- Insulin Lispro Injection 100 units/ml, which will cost 25 per vial. “It will be the lowest list price mealtime insulin available,” the company said.
- Humalog (insulin lispro injection) 100 units/ml, used for Type 1 and 2 Diabetes
- Humulin (human insulin) injection 100 units/ml will be 70% off.
Also announced was the launch of RezvoglarTM injection of insulin glargine-aglr which will sell for $92 per pack of five KwikPens.
Why is insulin so expensive in the United States?
The price of insulin is a serious problem in the United States. Without a universal and/or occupational health service (such as the IMSS or ISSSTE in Mexico), patients tend to shell out $98 for a bottle that costs just $12 in Canada.
There are several reasons why insulin is so expensive in the United States. According to Reuters, one of the main causes is that there are few companies that make insulin and these companies have control of the market. These companies have increased the prices of insulin in recent years, causing prices to rise much higher than inflation.
Also, in the United States, drug prices are not regulated by the government, which means that pharmaceutical companies can set prices that do not necessarily reflect the cost of producing a drug. In other countries, such as Canada and some European countries, governments negotiate with pharmaceutical companies to set lower prices.
This has caused many uninsured Americans to cross the border into Mexico. According to Kaiser Health News, a patient can expect to pay $3,700 for a three-month supply of insulin in the United States. However, that same amount of medication can be sold in Tijuana for only $600.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.