SIOUX CITY, Iowa (KCAU) — Drug making company Eli Lilly recently announced they’re cutting insulin prices and capping costs at $35 per month.
The cap change cuts the costs for their most commonly prescribed products by 70%. According to the Rand Corporation, the average cost for one vial of insulin was roughly $99 in 2018.
Chris Kuchta, the community engagement specialist with Connections Area Agency on Aging, said thankfully, insulin is now at a more affordable price.
“Insulin is just a very pricey medication with all the different variations, different kinds of insulins, so it does bring that total cost down for them and puts that money back in their pocket,” said Kuchta.
According to the company’s website, the new policy change will apply automatically to those who receive their insulin through a commercial insurance company and is effective immediately. For those who self-pay, Eli Lilly has an online insulin affordability program. After downloading the discount card from the website and taking it to the pharmacy a person will only have to pay $35 per prescription.
Neither program applies to federal insurance programs. President Biden’s Inflation Reduction Act capped insulin prices for Medicare recipients at $35 per month. Now he wants to extend that cap to Medicaid as well.