In response to public outcry and government pressure, three of the biggest insulin manufacturers in the United States have announced recent drastic cuts to the list prices of their most popular products. Sanofi, Eli Lilly and Novo Nordisk have all announced reductions of 70-78 percent on their insulin products, as well as a $35 cap on out-of-pocket costs for both commercial insurance and uninsured patients.
This move follows years of skyrocketing prices of insulin, which had tripled in the last decade and left some patients no choice but to ration their dosage due to inadequate insurance coverage and the high cost of the medicine. A Yale University study found that 1 in 7 Americans who use insulin daily spend about 40 percent of their income, after food and housing, on the medicine.
The Biden administration has called for a $35 price cap on insulin for all patients, which was included in the Inflation Reduction Act for Medicare beneficiaries and is also included in the President Biden's budget proposal. Democrats in Congress have praised the decisions from the medical manufacturers, including Sen. Bernie Sanders (I-Vt. ) crediting public pressure for these price cuts.
The American Diabetes Association and T1 International, a grass roots advocacy group, continue to call for more competition in the market and regulation to hold companies accountable. With these new price cuts, patients are now able to access the life-saving insulin they need without breaking the bank without breaking the bank.