A box of Eli Lilly & Co. Humalog brand insulin delivery devices are arranged for a photograph at a pharmacy in Princeton, Illinois.
Daniel Acker | Bloomberg | Getty Images
Drugmaker Eli Lilly said on Tuesday it has capped the out-of-pocket cost for insulin to $35 per month to help diabetes patients across the United States, many of whom are facing financial difficulties due to the coronavirus outbreak.
The new co-pay scheme covers most of Lilly’s insulins, including widely-used Humalog injection, and can be purchased by people with commercial insurance as well as those without insurance.
“Enabling a $35-per-month insulin co-pay regardless of employment status will help many Americans in this difficult time,” said CEOs Aaron Kowalski and Thom Scher of non-profit organization JDRF-Beyond Type 1 Alliance.
However, patients with government insurance such as Medicaid, Medicare, Medicare Part D or any State Patient or Pharmaceutical Assistance Program are not eligible for the scheme, Lilly said.
The cost of insulin, a life-sustaining medicine for people with type 1 diabetes, nearly doubled from 2012 to 2016. Individuals with high-deductible health insurance plans often face thousands of dollars of out-of-pocket costs before their insurance starts paying.
Major insulin makers Lilly, Sanofi, and Novo Nordisk have lowered the costs of their diabetes drugs to counter heavy criticism from lawmakers and patients.
Many pharmacy benefit managers like CVS Health, Cigna, and UnitedHealth already offer coverage plans in which patients pay discounted or zero out-of-pocket costs for insulin and other expensive diabetes treatments.
On average, people enrolled in the federal healthcare program pay about $675 per year for insulin.
Last month, the Trump administration unveiled a plan to limit the out-of-pocket cost for insulin to $35 per month for people who are enrolled in Medicare. The government plans to test the new pricing in 2021.
Source: Business - cnbc.com
