As people in the United States struggle to access affordable insulin, the big three drug corporations that manufacture insulin have repeatedly and sharply raised prices and aggressively sought to extend lucrative product monopolies, resulting in many billions of dollars in excessive spending.
Since the 1990s, insulin manufacturers have raised prices many times over for U.S. patients, as much as 1100%, despite their products remaining largely unchanged, and low production costs. Abusive pricing of insulin, which the very same corporations who sell insulin here sell for a fraction of the price in other wealthy countries, has led to immense profits for these corporations at the cost of preventable suffering and death of people who need insulin, in addition to billions of dollars drained from government coffers and consumers’ bank accounts.
But last month the drug maker Eli Lilly announced it is cutting the list prices for its most popular insulin products by 70 percent and capping out-of-pocket costs at $35 per month.
Less than two weeks later the drug company Novo Nordisk announced price cuts to their insulin products.
That move was followed by drug maker Sanofi which said it will cut the price of its most widely prescribed insulin in the U.S. by 78% and place a $35 cap on out-of-pocket costs for commercially insured patients who take the treatment, which is called Lantus. The moves will go into effect on Jan. 1, 2024.
This was good news and we hope drug companies will continue to reduce their prices so that more Americans can afford the prescription drugs they need.