Eli Lilly to launch authorized generic insulin at 50% discount

Eli Lilly to launch authorized generic insulin at 50% discount

Now Eli Lilly is lowering the price in the USA for selected customers to $140.

Insulin is a hormone made by the pancreas that helps the body use glucose for energy.

We've engaged in discussions about the price of insulin with many different stakeholders in America's health care system: people living with diabetes, caregivers, advocacy groups, health care professionals, payers, wholesalers, lawmakers, and leading health care scholars. Since then, prices have continued to rise, often by 10 percent or more a year, and some patients have resorted to rationing their insulin.

Eli Lilly And Co (NYSE:LLY) last announced its earnings results on Wednesday, February 6th.

US senators last week grilled executives from major drug companies, calling their pricing practices "morally repugnant".

The drugmakers have said that developing their products is a risky and costly process, and their prices reflect that. Some also have noted that while list prices are rising, the net price their companies receive after rebates has been relatively stable.

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.

"'There are clearly patients who, despite many best efforts, are struggling to afford their insulin, ' David Ricks, the chief executive of Lilly, said in an interview Friday".

"The significant rebates we pay on insulins do not directly benefit all patients".

U.S. Senate Democratic Whip Dick Durbin (D-IL) today released the following statement after Eli Lilly announced it would be selling a less expensive, generic version of its rapid-acting insulin, Humalog.

Lilly said on Monday the new version would be called Insulin Lispro, while Humalog would remain available for patients who want to continue accessing it through their current insurance plans. 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. More than 10,000 people each month are paying significantly less for their Lilly insulin through the Solution Center and other offerings.

U.S. Rep. Diana DeGette said in a separate statement that she urges other drugmakers to take actions similar to Lilly's. A single vial will be sold for $137.35, and a five-pack of pens will go for $265.20, PBS said. The move comes amid growing scrutiny of the rising cost of prescription drugs, such as insulin, from lawmakers.

Shares of Lily edged up 66 cents to $129.50 in morning trading Monday.



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