Insulin prices have been a source of financial struggle for many Americans, but this month, the three largest insulin makers in the United States — Eli Lilly, Novo Nordisk, and Sanofi — announced they would cap or cut the cost of many of their insulin products. The announcement followed pressure from President Joe Biden, lawmakers, and advocacy groups who called on drug companies to lower the cost of insulin for everyone.
Eli Lilly announced that it would immediately cap the out-of-pocket cost of insulin at $35 a month and reduce the list price of several of its popular insulin products later this year. Novo Nordisk and Sanofi later followed suit, announcing price caps or list price cuts that will take effect next year. The move was met with relief from many insulin users who have been struggling to afford the high cost of the medication, which is up to 10 times more expensive in the U.S. than in other countries in the Organization for Economic Cooperation and Development.
For example, Hunter Sego, a 26-year-old man from Indiana with Type 1 diabetes, had been spending about $660 each month on insulin from Eli Lilly. He had even resorted to rationing his insulin due to the high cost, which led to a life-threatening condition. His mother, Kathy, was grateful for the price cuts but wished they had happened sooner. The news also brought relief to Natalie Stanback, a Dallas resident whose 11-year-old daughter, Nadia, requires insulin. The price cuts will make it easier for her to afford the medication, which had been a financial burden when she lost her job and health insurance during the pandemic.
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