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