Biden: Others will cut insulin price after Eli Lilly

STORY: Speaking at the House Democratic Caucus Issues Conference in Baltimore, Biden echoed a previous statement made at the White House on the progress made in lowering costs.

Biden’s signature legislative achievement, the Inflation Reduction Act, has capped insulin prices for Medicare recipients at $35 per month but the law does not extend to patients with private insurance or without insurance from higher prices. He wants Congress to extend the cap beyond Medicare.

Eli Lilly said on Wednesday it will cut list prices by 70% for its most commonly prescribed insulin products, Humalog and Humulin, beginning from the fourth quarter of this year.

The Indianapolis-based drugmaker also will lower the price of its Lispro insulin injection to $25 a vial and expand its insulin value program so that an existing $35 cap on some insulins will now apply in about 85% of U.S. pharmacies.