Here ’s How the Other Major Insulin Makers Are Responding After Eli Lilly’s Price Cap

Facing pressure to curb diabetes-treatment costs, Eli Lilly & Co. announced on March 1 that it is slashing insulin prices and immediately capping the out-of-pocket cost of all of its insulins at $35 a month. President Joe Biden, who made insulin costs a focus of his State of the Union speech last month, praised the move by Lilly and called on other drugmakers to also lower insulin prices. The price cuts by the Indianapolis-based Lilly, one of the world’s top three insulin producers, are expected to provide critical relief to the millions of Americans who rely on the medicine to control their blood sugar levels. So far, none of the other major insulin manufacturers have announced new price caps in light of Lilly’s announcement, but health policy experts say its competitors are now facing increasing pressure to respond. [time-brightcove not-tgx=”true”] “These are hard issues to ignore when the President and advocacy groups are constantly talking about it,” says Nick Fabrizio, professor of health policy at Cornell University. “There’s a lot of pressure on trying to come up with a pricing strategy that appears more responsive to people’s economic struggles.” Aside from Eli Lilly, other top insulin makers include French drugmaker Sanofi and Danish pharmaceutical company Novo Nordisk. The three companies control about 90% of the U.S. insulin market. Representatives for Sanofi, which makes Apidra and Lantus insulin, and...
Source: TIME: Health - Category: Consumer Health News Authors: Tags: Uncategorized Drugs News Team Source Type: news