One of the largest pharmaceutical companies in the world, Eli Lilly and Company, has agreed to lower prices for insulin. The cost of insulin, the lifesaving medication which is a daily requirement for many diabetes sufferers, has become prohibitively expensive, in some cases taking as much as 40% of a family’s disposable income.
In 1923, the Ely Lilly produced the first commercial supply of insulin. During World War II, the company was a leader in the production of penicillin to treat wounded soldiers. In 1982, they won approval from the FDA to develop genetically engineered insulin.
The history of Eli Lilly and Company dates back to 1876 when Colonel Eli Lilly, a chemist as well as a veteran of the Civil War, founded his own firm after years of working in a pharmacy as an associate and, later, opening his own drugstore. Lilly had already made a name of for himself in Indiana where he was developing medications. The medications of Colonel Lilly’s day included quinine, morphine, and codeine. By 1886, the company had developed a faster means of producing gelatin-coated pills which helped spur the company’s growth and reputation. The company has gone on to become a giant in the pharmaceutical industry.
A Timeline Of Lilly Insulin Price Cuts (courtesy of Forbes, Inc.)
Users of Lilly insulin products will experience these price changes throughout 2023:
- Immediately: The $35 price cap on out-of-pocket insulin kicks in at participating pharmacies for Lilly customers with commercial health insurance.
- April 1, 2023: Lilly will roll out Rezvoglar (a less expensive alternative to Sanofi’s popular insulin drug Lantus) that pharmacists will be able to substitute without requiring a new prescription. The list price of Rezvoglar will be $92 for a five-pack of injection pens, 78% less than the Lantus list price, according to Lilly.
- May 1, 2023: The company’s non-branded insulin lispro will cost $25 per vial.
- Late 2023: The list prices of Lilly’s most commonly prescribed insulin injectables, Humalog (insulin lispro) and Humulin (insulin human), will decrease by 70%.
Here are several documents pertaining to Eli Lilly and Company currently available on RealDealDocs.com:
Eli Lilly & Co 10-K for ELI LILLY & CO
Eli Lilly And Company for ELI LILLY & CO, Citibank, NA, Deutsche Bank Trust Company, Risk Management
Eli Lilly & Co 8-K for ELI LILLY & CO
Sources
Amid Public Outcry Over Insulin Profiteering, Eli Lilly Lowers Its Prices
A New Insulin Given Approval for Use in U.S. (1982)
Celebrating the First Century of the World’s First Life-Saving Drug
Image courtesy of Steve Buissinne