Pictured is the Eli Lilly and Company pharmaceutical manufacturing facility in Branchburg, Latest Jersey, March 5, 2021.
Mike Sgar | Reuters
Uninsured Americans pay a median of nearly $98 a vial Eli Lilygeneric insulin, even after the corporate committed to lowering the list price of the product to $25 a vialAccording to report released Thursday by Senator Elizabeth Warren.
Eli Lilly earlier this yr promised to lower the list price of its generic insulin, Lisprofrom $82.42 per vial starting May 1. The Indianapolis-based pharmaceutical company is one among the world’s largest producers of insulin.
The Massachusetts senator’s report surveyed greater than 300 chain and independent pharmacies across america between June 9 and June 28 to determine whether Eli Lilly’s announced price cut “translated into real relief for patients.”
The study found that a 3rd of pharmacies charged uninsured patients $164 or more for a vial of Eli Lilly’s Lispro.
Seven pharmacies were charging $200 per vial or more, and two were selling the product for over $300.
Chain pharmacies charged uninsured customers a median of $123 per vial of generic insulin, compared to a median of $63 at independent pharmacies.
Eli Lilly didn’t immediately respond to CNBC’s request for comment on the poll.
The survey results suggest that “Eli Lilly’s guarantees of inexpensive, accessible insulin haven’t been delivered to uninsured patients across the country,” Warren said in a press release.
She said the information also shows Congress needs to take more steps to stop excessive pricing, akin to limiting insulin co-payments to $35 a month for all patients, no matter their insurance status.
President Joe Biden’s Inflation Reduction Act currently limits insulin co-payments to $35 a month for those covered by Medicare.
“My latest report confirms that too many uninsured Americans haven’t got access to or cannot afford to pay astronomical prices for life-saving generic insulin – lawmakers need to step up and take motion,” Warren said in a press release.
Senator Elizabeth Warren, D-MA, speaks during a Senate Banking Committee hearing in Washington, D.C., June 13, 2023.
Michael A. McCoy | Getty Images
Insured Americans typically pay a fraction of the list price of insulin. But uninsured people often have to pay the complete cost, which may force them to ration or stop taking life-saving diabetes treatments.
Nearly 30% of uninsured diabetes patients have reported skipping insulin doses, taking lower than prescribed or delaying purchases up to now yr, Warren said, citing study 2022 by scientists at Harvard and other institutions.
“No American should ever be forced to make a choice from life-saving drugs like insulin and having the ability to pay for food, shelter and each day necessities,” Warren said.
Earlier this yr Eli Lilly, Sanofi AND Latest Nordisk have committed to reducing the list prices of their mostly prescribed insulins by a minimum of 70% later in 2023.
Eli Lilly and Sanofi also reduced monthly out-of-pocket insulin costs to $35 for those with private insurance.
Together, these three firms control 90% of the worldwide insulin market.
Their pledges were applauded by lawmakers and Biden, who was pleased that firms had finally responded to calls to help make diabetes care cheaper within the U.S.
However the Warren poll raises questions on how effective their cost-cutting efforts shall be.
About 37 million people in america, or 11.3% of the country’s population, have diabetes, according to the information Centers for Disease Control and Prevention.
About 8.4 million diabetes patients depend on insulin American Diabetes Association he said.