Insulin price cut

Eli Lilly is capping monthly out-of-pocket costs of insulin to $35 …

Transcript

00:00Eli Lilly announced it's capping out-of-pocket costs of its life-saving insulin to $35 a month.

00:05So what prompted the price reduction? Brew can explain in less than 60 seconds.

00:08For years, consumers and lawmakers have been pressuring drug companies to lower the cost of

00:12insulin, a drug that millions of Americans with diabetes rely on to live. It's a relatively

00:17inexpensive drug to make, but over the span of five years, its average retail price rose 54%.

00:22This forced some people to ration their supplies and in some instances spend up to $300 per vial.

00:27President Joe Biden fought against this with his Inflation Reduction Act,

00:30which imposed a $35 monthly cap of out-of-pocket cost of insulin for seniors on Medicare.

00:36But many have and continue to call for that cap to be extended to those who are privately insured.

00:40Which brings us to Eli Lilly, who amid all this pressure, announced their own cap.

00:44The company also said that its most commonly prescribed insulins will see a 70%

00:48price cut and that its generic insulin will cost $25 a vial.