Drug manufacturer Eli Lilly has announced that it will reduce the list price of its unbranded version of insulin lispro injection — the same product as its branded Humalog insulin — starting in January 2022, with details outlined in a new press release.
The unbranded version of insulin lispro injection was first introduced by the company in 2019. The manufacturer also expanded its lineup of “authorized generic” products in 2020 to include insulin pens. Initially, insulin lispro injection was offered at a list price of half the price of Humalog. Now, according to the latest announcement, Lilly will further reduce the price so that it is 70% lower than the list price for Humalog — bringing the price down to where it was for Humalog in 2008. All of Lilly’s “authorized generic” insulin products are affected by the new announcement.
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The press release also noted that the company offers several options for consumers to lower their out-of-pocket insulin costs. For example, people with private health insurance or who are uninsured can fill their monthly insulin prescription for $35 through the Lilly Insulin Value Program, and people with Medicare Part D prescription drug coverage can participate in what the company calls its Senior Savings Model.
After the latest announced price reduction takes effect, the list price for insulin lispro injection will be $82.41 for an individual vial or $159.12 for a pack of five pens. The company says that the latest reduction is aimed at “people who have not activated one of Lilly’s affordability solutions.”
“Today’s list price cut can further help people who are exposed within our health care system — the underinsured and uninsured,” said David A. Ricks, Lilly’s chairman and CEO, in the press release. “Half list-priced Insulin Lispro Injection has been adopted by a third of Humalog U-100 consumers. We hope this additional 40 percent cut can expand affordable insulin to more people with diabetes.”
According to the press release, Lilly’s various savings programs have lowered the average monthly out-of-pocket cost of insulin for its consumers — regardless of the amount people use per month — to $28.05, a number that has fallen by 27% over the last four years. The company also notes that pharmacists can substitute unbranded insulin lispro for Humalog without a new prescription because the two products are identical.
Most people who use Lilly insulin won’t be affected by the latest change, the company states, since they have fixed out-of-pocket copays for their insulin or take part in a Lilly savings program. But the change may affect people without insurance, or who have insurance with a high deductible or copayments, who aren’t enrolled in a savings program.
Want to learn more about saving on your diabetes care? Read “Save Money on Medicines,” “Stay Healthy On a Budget” and “Do’s and Don’t’s for Saving Money With Diabetes.”