January 4, 2024 – The price of insulin was capped this week by the last of the massive three providers, meaning more Americans will now pay not more than $35 for diabetes treatment.
Sanofi cut the value of Lantus by 78% and short-acting Apidra by 70%, effective Jan. 1.
The other two insulin manufacturers, Novo Nordisk and Eli Lilly, had already reduced their prices by as much as 75% and 70%, respectively. USA today reported.
That means the associated fee of the drug has been capped at $35 for many patients through price caps and savings programs.
France-based Sanofi says most privately insured people paid not more than $15 due to a copay assistance program, USA Today reported. Sanofi also offers a 30-day supply for $35 to people without insurance.
“Analysts, politicians and patient advocates are increasingly criticizing drug manufacturers over the prices they set for insulin,” the newspaper wrote. “In recent years, federal and state laws, Medicare and Medicaid policies, and changing market dynamics have led to price reductions for these older insulin medications.”
According to the American Diabetes AssociationThe sum of money spent on insulin has tripled within the last 10 years – from $8 billion in 2012 to $22.3 billion in 2022 – with prices increasing 24% between 2017 and 2022.
About 8.4 million Americans require insulin to survive; Up to 1 in 4 couldn't afford it and rationed their doses, which will be fatal, the association says.
As CNN reported, Congress, the White House and others have pressured drugmakers to lower their prices for insulin, which is comparatively low cost to provide. Eli Lilly and Sanofi said they might cap their prices at $35 after President Joe Biden urged the drugmakers to accomplish that last 12 months.
Because of Biden's Inflation Reduction Act of 2022, Medicare enrollees now pay not more than $35.