GREENSBORO, N.C. — The headline reads, “Lilly cuts insulin prices by 70% and caps patient insulin out-of-pocket costs at $35 per month”.
It's a great headline for millions of people. There are two parts to it, the cuts and the cap.
THE INSULIN PRICE CUTS
Lilly’s websites detail the price cuts:
The non-branded insulin Lispro injection 100 units will now have a list price of $25 a vial. Effective date: May 1, 2023.
Humalog vial of 100 units is Lilly's most commonly prescribed insulin. Its list price, along with the Humulin 100 units, will be reduced by 70%.
Effective date: The fourth quarter of 2023 (sometime between October and December)
Lilly is launching a Rezvoglar injection pen which is interchangeable with Lantus. The list price is $92 per five-pack.
Effective date: April 1, 2023.
Lilly spokespersons say it takes time for price cuts to make it through all insurance companies and pharmacy systems, which is why those list prices have different dates.
$35 PRICE CAP
This immediate $35 out-of-pocket price is for people with commercial insurance. About 85% of national and local pharmacies will honor the $35 cap, but there's no list. You need to call your pharmacy to ask.
NO INSURANCE?
If you don't have insurance, Lilly has a discount card you can download. You can show the discount card to the pharmacist to get the $35 price.
President Joe Biden released a statement about Lilly's price changes. He said, "it's a big deal, and it's time for other manufacturers to follow."
This is key. These price changes are only for Lilly insulin. According to a Lilly spokesperson, seven out of ten Americans don't use Lilly insulin.