NEW YORK, N.Y. (WENY) — A second major pharmaceutical company has announced that they plan to drastically lower the price of insulin. The announcements come on the heels of congress authorizing a law earlier this year designed to make the drug more affordable.
“Insulin is crucial for {the} life of many patients with diabetes. And definitely with type one diabetes when your body does not make any insulin, they basically die without insulin,” said Dr. Sahzen Yavuz, an endocrinologist at Guthrie Clinic.
Novo Nordisk will cut certain insulin prices by 75 percent on January 1st, 2024. That announcement came after Eli Lilly announced on March 1, they are capping insulin prices at $35 which is reducing costs by 75 percent.
Insulin has been in circulation for over 100 years and while it is cheap to manufacture, insulin prices in the United States are very expensive compared to foreign countries.
“Every other developed country in the world that is something you can get affordably and if it is not covered directly, it is affordable out of pocket for most people,” said type one diabetic, Ian Watosky
Watosky added the price of insulin is hurting his financial stability. That’s common, Dr. Yavuz said, As he has seen patients reject insulin because of the cost, being forced to choose between food or a lifesaving medication.
“In general, I am expecting this trend is going to affect and make it more affordable and make more of our patients {able} to access that,” said Dr. Yavuz
The new changes won’t just have an impact on health. Ian said THE SAVINGS could potentially move up his retirement.
“It gives me a lot of financial and medical security if insulin is affordable out of pocket,” said Watosky.
Eli Lilly said they will cap non-branded insulin to 25 dollars a vial as of May 1st, 2023. For diabetics with private insurance or who use specific participating pharmacies, the cost will be 35 dollars out-of-pocket.
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