Detroit Evening Report: Drugmaker Eli Lilly to cap insulin cost at $35 a month
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This Wednesday, March 1, 2023 photo shows a vial of Eli Lilly's Humalog insulin in New York.
Insulin should be more affordable for millions of Americans with diabetes soon.
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Eli Lilly announced this week it will cap the out-of-pocket cost of insulin at $35 a month and cut the price of its most popular insulin products by 70%.
The drugmaker says the price of its mealtime insulin Lispro will fall to less than its equivalent cost in 1999, and its Rezvoglar injection will be 78% cheaper at $92 for five KwikPens.
The new prices will take effect at different points throughout the year with some new pricing taking effect in April and May. The move satisfies the provision in the Inflation Reduction Act that requires a $35 monthly cap on the out-of-pocket cost of insulin for seniors enrolled in Medicare.
As NBC News reports, around 8.4 million Americans with diabetes need insulin to manage their condition, with Eli Lilly being one of the dominant players in the market.
The stock price for Eli Lilly and other pharmaceutical companies dropped after a fake verified EL Twitter account tweeted that the company would make insulin free. The tweet stayed up for hours and forced the real Eli Lilly to issue a response that it was not making insulin free for consumers, and caused Twitter to temporarily pull back its Twitter Blue feature.
Other headlines for March 3, 2023:
- Detroit receives $75K grant to recognize historical sites for women
- Comerica Bank hosting Women’s Business Symposium in-person since 2019 at Ford Field
- Wayne County Treasurer’s Office, City of Highland Park hosting Taxpayer Assistance Day
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