Breaking: Eli Lilly will cut prices for some older insulins later this year and immediately expand a cap on costs insured patients pay when they fill prescriptions.
Gov. Gavin Newsom is right to try ‘public capitalism’ when legislation and regulation can’t address market failures.Lilly CEO David Ricks said in a statement that it will take time for insurers and the pharmacy system to implement its price cuts, so the drugmaker will immediately cap monthly out-of-pocket costs at $35 for people who are not covered by Medicare’s prescription drug program.
Neither company immediately responded to a request for comment Wednesday morning from the Associated Press. Research has shown that prices for insulin have more than tripled in the last two decades, and pressure is growing on drugmakers to help patients.this year. He called for insulin costs for everyone to be capped at $35.. Drugmakers also may face competition from companies like the nonprofit Civica, which plans to produce three insulins at a recommended price of no more than $30 a vial, a spokeswoman said.
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