Lilly cuts insulin prices 70%, cap prices at $35 per month for private insurance

Drugmaker Eli Lilly & Co. on Tuesday said it will cut prices of its most commonly prescribed insulins by 70% and cap monthly prices at $35 per month at certain retail pharmacies for people who have private insurance.

Lilly said it will list its Lispro injection at $25 a vial effective May 1 and slash the price of its Humalog and Humlin injections by 70% starting in the fourth quarter.

The announcement comes amid growing federal pressure to lower the cost of insulin prices. The Inflation Reduction Act capped insulin prices for Medicare beneficiaries at $35 per month but did not protect people with private insurance or who don’t have coverage from higher prices.

In President Joe Biden’s State of the Union speech, he called on Congress to cap insulin prices at $35 a month for everyone. Lilly said at the time that it supports extending the price cap to all Americans.

Lilly said it will cap out-of-pocket costs at $35 per month effectively immediately at certain retail pharmacies for people with private insurance.

This is a developing story. Please check back for updates.

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