INDIANAPOLIS - A new, lower-cost insulin option is now available from Eli Lilly and Co. (NYSE: LLY) The authorized generic version of Humalog, Insulin Lispro Injection, has a 50 percent lower list price than its identical medicine.

The generic version was announced in March.  Insulin Lispro Injection is likely to have the most impact on are Medicare Part D beneficiaries, people with high-deductible health plans and the uninsured who use Humalog. The company says because the two medicines are identical, pharmacists can swap out Humalog for Lispro for patients who want a lower-cost option.

"The availability of Lilly's Insulin Lispro Injection is important progress that helps more people afford their insulin," said Mike Mason, senior vice president, Connected Care and Insulins, in a news release. "Lilly will continue to work with health plans, wholesalers, employers and the government to work toward permanent solutions that will help every person with diabetes afford their medicines."

The Insulin Lispro Injection costs $137.35 per vial and $265.20 for a package of five KwikPens. Lilly has wholesale contracts for the product and says it is working with payers to gain broad insurance coverage for the Insulin Lispro Injection.