Drugmaker Eli Lilly & Co will offer a half-priced version of its blockbuster insulin, becoming one of the first companies to effectively cut the price of a top-selling drug amid the ongoing United States debate over pharmaceutical costs.
Lilly says it is working to make Insulin Lispro available in pharmacies "as quickly as possible".
That conversation produced some surprising consensus on steps that may be taken to lower the crushing weight of drug costs borne by American consumers-alongside the usual finger-pointing to other players in the health care industry over who's to blame. Morgan Stanley set a $116.00 price objective on shares of Eli Lilly And Co and gave the stock a "hold" rating in a report on Thursday, December 20th.
Lilly has in the past called insulin a highly-rebated product.
He added in a separate statement that Lilly pays significant rebates from its list price, but those discounts do not directly benefit all patients.
The high cost of insulin has gotten attention in Washington, D.C., with Eli Lilly and other insulin makers Sanofi and Novo Nordisk facing congressional inquiries.
Sen. Ron Wyden, the top Democrat on the committee, was more blunt, tweeting "there will be a lot of PR acrobatics about generic insulin" and that he will not stop investigating why companies keep raising the price of "a decades-old drug".
"Clearly, the insulin cartel is feeling pressure after years of price gouging a lifesaving drug".
Major drugmakers including Lilly, a leading producer of insulin, have come under fire from patients and lawmakers over the rising cost of the life-saving medication used to treat diabetes.
The cost of insulin can vary dramatically depending on a person's insurance coverage.
The lower price might still be unaffordable for many diabetics who pay the full amount for the drug.
About Lilly DiabetesLilly has been a global leader in diabetes care since 1923, when we introduced the world's first commercial insulin. Through research and collaboration, a broad and growing product portfolio, and a continued determination to provide real solutions-from medicines to support programs and more-we strive to make life better for all those affected by diabetes around the world.