Drug companies have been decried in the United States for high prices, but Eli Lilly and Co. (NYSE: LLY) is looking to fight this trend — at least a little. The pharmaceutical giant has announced that its Insulin Lispro Injection is now available for order in pharmacies for people who use Eli Lilly’s rapid-acting insulin and need a lower-cost option.
Now, Eli Lilly’s Insulin Lispro Injection has a 50% lower list price than identical medicine Humalog U-100 and is available in both a vial and KwikPen. Because they are the same insulin, pharmacists will be able to substitute Insulin Lispro Injection for Humalog.
Back in March, Eli Lilly announced plans to introduce Insulin Lispro Injection, which fills another gap in the health care system. The people who are most likely to benefit from Insulin Lispro Injection are Medicare Part D beneficiaries, people with high-deductible health plans and the uninsured who use Humalog.
Currently, about 95% of people in the United States pay $95 or less a month for their Humalog prescription, and 43% pay $0 at the retail pharmacy. With the launch of Insulin Lispro Injection, even more people will pay lower amounts at the pharmacy.
Mike Mason, senior vice president, Connected Care and Insulins, commented:
The current healthcare system isn’t working for everyone, causing a growing number of people with chronic conditions to struggle to afford their medicine. But even one person with diabetes who can’t afford insulin is too many, which is why we introduced Insulin Lispro Injection. It adds to our suite of solutions that help significantly lower the amount people pay until a more sustainable solution is achieved.
Will this move help Eli Lilly escape the list of America’s most hated companies? In addition, check out 10 things to consider before buying an insulin pen.
Shares of Eli Lilly were last seen at $116.85, in a 52-week range of $81.61 to $132.13. The consensus price target is $124.57.