Eli Lilly cuts insulin prices by 70%, caps monthly out-of-pocket costs at $35

Pharmaceutical manufacturer Eli Lilly and Company on Wednesday announced it will reduce the price of its most commonly prescribed insulins by 70% and expand its Insulin Value Program that limits patients' monthly out-of-pocket costs to $35 or less.

"While the current healthcare system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change," Lilly CEO David Ricks said. "We are driving for change in repricing older insulins, but we know that 7 out of 10 Americans don't use Lilly insulin. We are calling on policymakers, employers and others to join us in making insulin more affordable."

Lilly's announcement comes after a provision in the Inflation Reduction Act reduced insulin costs to $35 a month for Medicare enrollees starting this year.