Eli Lilly Reaches $13.5 Million Settlement in Insulin Pricing Case
Eli Lilly has settled a case with patients using insulin, who accused the company and others of artificially inflating prices of the lifesaving drug. Lilly will pay out a total of $13.5 million and will maintain their $35 a month out-of-pocket price cap for four years at minimum. The company, which claims no wrongdoing occurred, will apply this cap to three insulin products, Humalog, Humulin, and Basaglar.
Exploring Insulin Pricing Practices and Their Effects on Patients
Shortly after the passage of the US Inflation Reduction Act, which capped the price of insulin for some patients, three major drugmakers pledged to drop list prices for their insulin products. In a new IQVIA article, learn more about the role of insulin in diabetes management, the underlying forces driving insulin prices, and how this affects patients.
US Senators Weighing Approaches to Lowering Insulin Prices for All
As US Senators continue to debate over plans to lower insulin prices for all Americans, two bills have taken the forefront. One, by Sen. Susan Collins (R-ME) and Sen. Jeanne Shaheen (D-NH) would cap monthly cost-sharing at 25% of list price or $35. It would also force pharmacy benefit managers (PBMs) to make sure 100% of manufacturer rebates and discounts go to payers.
FDA Approves Medtronic’s Automatic Insulin Pump
Meditronic has scored a win with the long-anticipated approval of its MiniMed 780G insulin pump by the US Food and Drug Administration (FDA). The pump, which works in concert with the company’s Guardian 4 continuous glucose monitor to allow for automated insulin management, even bolus injections which weren’t automated by the previous version.
Examining Why Major Insulin Manufacturers Dropped Insulin Prices
In the months following the US Inflation Reduction Act capping the price of insulin for Medicare recipients, three of the largest insulin manufacturers cut their prices for the drug. Leemore Dafny, PhD, broke down why the pharma giants made this decision. One key reason put forward by Dafny was the concept of corporate shaming.
US Insulin Pricing Looks Set to Change Across the Board
With new legislation and moves from major insulin producers, the US insulin market is set to see even more changes over the coming months. The process began with a $35 Medicare price cap on the drug enshrined in the Inflation Reduction Act, a cap mirrored shortly by Sanofi, Novo Nordisk, and Eli Lilly. Upcoming legislation may cap the price of the life-saving diabetes medication for all patients.
US Senators Propose Bill to Cap Insulin Costs for Every Patient
US Senators Raphael Warnock (D-GA) and John Kennedy (R-LA) have advanced a new bill that would lock the max price of insulin at $35 a month for all patients. The bill, entitled the Affordable Insulin Now Act of 2023, comes after manufacturers have voluntarily lowered insulin prices following price caps for Medicare patients in the Inflation Reduction Act.
Sanofi Cuts Insulin Prices and Sets Out-of-Pocket Price Cap
Hot on the heels of Novo Nordisk and Eli Lilly, Sanofi announced it will cut the price of its main insulin formulation, Lantus, in January of next year. Just outstripping the others, the cuts amount to a 78% price drop for the life-saving drug used by millions of people with diabetes. In addition, Sanofi set an out-of-pocket cap of $35 a month for patients.
Novo Nordisk Announces 75% Price Drop on Insulin in US
Novo Nordisk has announced it will cut US insulin list prices by 75%, following in the footsteps of Eli Lilly who announced a $35 dollar a month copay price cap a few weeks prior. The news is a relief to patients and advocacy groups who’ve long protested the high prices of the drug, which is manufactured at a tiny fraction of the price. The trend comes after legal troubles for several pharma companies over US insulin prices.
Sanders Calls on Insulin Manufacturers to Follow Eli Lilly and Drop Insulin Prices
One day after Eli Lilly pledged to cut prices on its insulin products and implement some price caps, US Senator Bernie Sanders (I-VT), the current Senate health committee chair, has sent letters calling on Novo Nordisk and Sanofi to follow in kind. The move comes amid growing public attention is directed toward manufacturers for insulin prices.
Eli Lilly Cuts US Insulin Price and Caps Out-of-Pocket Monthly Cost
Amid growing discontent with insulin prices in the US, Eli Lilly is lowering the price of its insulin products. Its brand name Humalog and Humulin will see a 70% price drop, while the company’s generic Lispro will be set at $25 a vial. In addition, the company will cap the price of insulin at $35 a month for patients on commercial plans, mirroring the provision found in the Inflation Reduction Act for Medicare beneficiaries.
Tidepool Pancreas App Wins FDA Approval
The US Food and Drug Administration (FDA) has approved the Tidepool “artificial pancreas” app. The prescription-only software connects continuous glucose monitors (CGMs) and insulin pumps to automate insulin delivery and blood sugar management in patients with Type I diabetes. The app will work with certain devices and provide a single place to find blood sugar and insulin dosage data.
State of California Files Suit Against Pharma Companies and PBMs Over High Insulin Pricing
The US state of California has filed suit against major pharmacy benefit managers (PBMs) and the biggest manufacturers of insulin over high prices. The state argues that the companies have undue influence over the market as major players and leverage the relative lack of competition to keep prices of the live-saving drug at exorbitant levels despite the cheap cost of production.
2022 Retrospective: The Impact of US Health Policy Changes
2022 was loaded with US health policy debates and changes, with the reversal of abortion rights and drug pricing reform taking the center stage for much of the year. The Inflation Reduction Act, in addition to climate reform and other key Democratic platform items, will allow the federal government to negotiate Medicare prices for certain high-cost therapeutics.
Drug Price Reductions for Medicare Patients to Come Next Month
New drug price decreases of the Inflation Reduction Act will go into effect next month. The first drug to be affected by the legislation is insulin, which will be capped at $35 a month for Medicare recipients. In addition, the changes this coming month will remove insulin deductibles. Next July, the cost of insulin pumps will also be capped at $35.
FTC puts PBMs and Pharma “On Notice” over Insulin Prices
The US Federal Trade Commission (FTC) has issued a new policy statement saying it will actively target pharmacy benefit managers [...]
Nonprofit Promises $1 a Day Insulin
Many Americans living with diabetes are forced to ration the insulin they need, potentially worsening their condition. Efforts to tackle [...]
Democrats Torn over Insulin Cost Cap
Sen. Raphael Warnock’s (D-Ga.) proposed bill to cap out-of-pocket insulin prices at $35 per month is facing scrutiny from other [...]
Michigan Attorney General Seeks Investigation Regarding Eli Lilly’s Exorbitant Insulin Prices
The Michigan Attorney General has asked the courts to approve a formal investigation into Eli Lilly’s excessive insulin prices. The [...]
Part 2 of AmerisourceBergen Podcast on Insulin Biosimilars Now Available
Part two of AmerisourceBergen’s podcast series on insulin biosimilars is now available. This episode features guidance for pharmacies awaiting updated [...]
Podcast on Preparing for Insulin Biosimilar Approval Now Available
AmerisourceBergen has released part two of a podcast detailing how insulin biosimilars will affect pharmacies and patients. “In part two [...]
IQVIA Whitepaper on Improving Diabetes Care in Europe With Insulin Smart Pens Now Available
A recent IQVIA whitepaper discusses improving access to insulin in Europe using smart pens. Ongoing challenges continue to negatively affect [...]
Novo Nordisk Agrees to $100 Million Settlement in Insulin Pricing Suit
Novo Nordisk has agreed to a settlement in the amount of $100 million in an insulin pricing lawsuit led by [...]
Walmart Enters Insulin Industry Amid Criticism
Walmart has announced that it will sell a cheaper version of insulin. Although this move is projected to pass substantial [...]
Novo Nordisk Lowers Costs of Insulin Amid Pandemic
Novo Nordisk is extending a hand to diabetes patients amid the COVID-19 pandemic, according to a STAT report. According to [...]
