Price cuts coming for insulin users

ROCHESTER, Minn. (KTTC) – Some promising news for the more than 37 million Americans living with diabetes.

Drug maker Eli Lilly announced price cuts to lower the cost on commonly used forms of its insulin.

The move lowers the price of its most popular used insulin by 70%. The company says it will also cut the list price of its nonbrand insulin to $25 a vial, making it the lowest list-priced mealtime insulin on the market.

“This is a culmination of about seven years of work we’ve been doing to reduce the price of our insulin, launching our own generic to our best-selling brand, we think that should be the new standard in America,” Eli Lilly CEO David Ricks said.

The announcement came after President Joe Biden said improving American access to health care is a priority in his proposed budget.

The average price of insulin has nearly tripled between 2002 and 2013, according to the American Diabetes Association.