In response to ongoing pressure from Congress regarding the cost of insulin, Indianapolis-based Eli Lilly and Co. (NYSE: LLY) has announced plans to roll out a lower-priced version of its insulin product Humalog. The company says the authorized generic version will have a list price 50 percent lower than the current Humalog price.
Lilly says it is working to make Insulin Lispro available in pharmacies "as quickly as possible." It says a single vial will list at $137.35 and a five-pack of KwikPens will be $265.20.
"We’ve engaged in discussions about the price of insulin with many different stakeholders in America’s health care system: people living with diabetes, caregivers, advocacy groups, health care professionals, payers, wholesalers, lawmakers, and leading health care scholars," said Lilly Chief Executive Officer David Ricks in a release. "Solutions that lower the cost of insulin at the pharmacy have been introduced in recent months, but more people need help. We’re eager to bring forward a low-priced rapid-acting insulin."
Ricks says Lilly will continue to work on longer-term cost solutions, including rebate reform, but believes "lower-priced insulin can serve as a bridge that addresses gaps in the system until a more sustainable model is achieved."
Lilly subsidiary ImClone Systems will produce Insulin Lispro. The company says Humalog will remain available for users who want to continue buying it through their current insurance plans.