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Insulin prices have long been a pain point for diabetics. The big three insulin manufacturers have cut prices across their product lineups, but potential competition from other biosimilar insulins is still in earlier stages of development.
Eli Lilly announced it is reducing insulin prices after years of criticism that the price of the lifesaving diabetes medication had become unaffordable. The move, made amid efforts by California and others to introduce low-cost insulin options to the marketplace, may Sanofi and Novo Nordisk – the two other major drugmakers that sell insulin – to lower their prices too.
Drug pricing experts predict the move will help other initiatives to bring lower-cost insulin to market and maintain pressure on Eli Lilly to keep its prices down.
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When drugmaker Eli Lilly announced Wednesday it will slash the list price for some of its insulin products following years of criticism from lawmakers and activists that the price of the lifesaving hormone had become unaffordable, the news raised questions about what will happen to other efforts to provide low-cost insulin.