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Drug maker Eli Lilly has announced it will be capping the out-of-pocket cost for insulin to USD $35 a month.
The pharmaceutical company will lower the drug's price after the US passed a law capping monthly costs at the same price for people with certain government health insurance last year.
According to NBC News, those paying without insurance must apply for Eli Lilly’s patient assistance program to be eligible for the new cap.
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David A. Ricks, Lilly's Chair and CEO, said in a statement that the company wanted to help Americans who have diabetes to access insulin effective immediately.
He hopes the move will prompt other insulin manufacturers to do the same.
"We are driving for change in repricing older insulins, but we know that 7 out of 10 Americans don't use Lilly insulin. We are calling on policymakers, employers and others to join us in making insulin more affordable," he said.
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"For the past century, Lilly has focused on inventing new and improved insulins and other medicines that address the impact of diabetes and improve patient outcomes.
"Our work to discover new and better treatments is far from over.
“We won't stop until all people with diabetes are in control of their disease and can get the insulin they need."
In addition to the cost caps, the company will lower the price for several of its products, including Humalog and Humulin, by 70 per cent this year.
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It is also dropping the price of its non-branded insulin, Lispro, to USD $25 a vial, from the beginning of May.
President Joe Biden praised Eli Lilly in a statement issued by The White House.
He wrote: “Last year, I signed a law to cap insulin at $35 for seniors and I called on pharma companies to bring prices down for everyone on their own. Today, Eli Lilly did that.
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“It’s a big deal, and it’s time for other manufacturers to follow.”
According to The Lancet Diabetes & Endocrinology, Americans with little to no health insurance have reported paying up to $1,000 per month when higher insulin doses are required.
In his State of the Union address last month, President Biden slammed pharmaceutical companies for their soaring costs for the drug.
“Big Pharma has been unfairly charging people hundreds of dollars, [USD] $400 to $500 a month, making record profits,” he said.
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According to The New York Times, 30 million Americans have diabetes, and seven million rely on insulin to help their condition.