Drugmaker Eli Lilly announced
last week that it is lowering the price of the most commonly used forms of its
insulin 70% and said it will automatically cap out-of-pocket insulin costs at
$35 for people who have private insurance and use participating pharmacies.
Although insulin is relatively
inexpensive to manufacture, the cost has been a problem for many Americans for
years. At least 16.5% of people in the US who use it report rationing it
because of cost.
Demand for insulin has grown
significantly as diabetes has become the fastest-growing chronic disease in the
world, a 2022 study found.
In the US alone, the number of
adults with diabetes has doubled over the past 20 years, and more than 37.3
million people now have it, according to the US Centers for Disease Control and
Prevention.
Read about when these cuts go into effect here.
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