One of the biggest drug firms in the world, Eli Lilly, recently declared that it will be slashing the cost of its insulin medications by up to 70%. This choice was made when the business came under pressure to reduce the price of this life-saving medication from the federal government and healthcare groups.
This information is especially poignant for someone with type 1 diabetes. For both my survival and the lives of millions of others, insulin is an essential good. Yet, the price of insulin has grown over time, making it expensive for many people.
I can still clearly recall the times when an insulin vial cost roughly $30. Now, without insurance, the cost of that identical vial can reach $300. Costs can be devastating for people without insurance or with high deductible plans.
Eli Lilly’s choice to lower the cost of its insulin medications is a positive development. It’s crucial to keep in mind that this is a temporary solution. A number of factors, including the absence of competition in the pharmaceutical business and the rising cost of healthcare generally, have contributed to the long-term increase in the price of insulin and other pharmaceuticals.
It is crucial that other pharmaceutical firms follow Eli Lilly’s lead and seek to lower the cost of medication for everyone. Also, it is critical that the federal government keep putting pressure on these businesses to reduce their costs and foster more competition in the market.
The government negotiating medicine pricing with pharmaceutical firms, as is done in other nations, has been suggested as one alternative. Everyone’s drug costs would decrease as a result, regardless of insurance coverage.
More pricing transparency for prescription drugs is an additional approach. Pharmaceutical firms are not now compelled to reveal how much it costs to produce their goods. Due to a lack of openness, businesses are able to set outrageous pricing without any rationale.
It’s critical for journalists to cover topics that have a direct bearing on people’s lives. Millions of Americans are impacted by issues like the escalating cost of insulin. Although it is encouraging to see a corporation like Eli Lilly take action to lower the cost of insulin, much more has to be done.
Ultimately, access to healthcare shouldn’t be hampered by the expense of medications. Everyone should have access to reasonably priced, life-saving medicine. I aspire for other pharmaceutical firms to take Eli Lilly’s example and work to make this a reality.
Eli Lilly Insulin Products
Since the 1920s, Eli Lilly, a pharmaceutical business that was founded in 1876, has been manufacturing insulin. I am aware of their products and how they affect my daily life since I use insulin to treat my type 1 diabetes. I’ll talk about the insulin products made by Eli Lilly, their background, and their influence on the diabetic community in this blog article.
Rapid-acting, long-acting, and intermediate-acting insulin are all made by Eli Lilly. These various insulin formulations are made to assist diabetics in controlling their blood sugar levels in various ways. For instance, rapid-acting insulin should be administered before meals to prevent blood sugar increases, whereas long-acting insulin should release insulin steadily throughout the day.
Humalog is one of Eli Lilly’s most well-known insulin medicines. The rapid-acting insulin Humalog was initially made available in 1996. It was regarded as a ground-breaking drug at the time since it controlled blood sugar more quickly and successfully than earlier insulins. People with diabetes continue to take Humalog often today, and it has established itself as a household name in the diabetic community.
Basaglar is yet another insulin medication made by Eli Lilly. A long-acting insulin called Basaglar was released in 2016. It is touted as a less expensive alternative to Lantus, another long-acting insulin, but they are similar. Diabetes patients who want to reduce their insulin costs frequently choose for basaglar.
While many patients with diabetes have found Eli Lilly’s insulin products to be useful, the price of insulin has been steadily growing in recent years, which has become a significant problem. The Health Care Cost Center found that between 2002 and 2013, the price of insulin more than tripled. Because to this, it has become challenging for many diabetics to pay for the life-saving medications.
A campaign to demand reduced insulin costs has emerged among people with diabetes as a result of the high price of insulin. Since this campaign has gained traction in recent years, pharmaceutical firms like Eli Lilly have come under pressure to solve the problem. Eli Lilly has attempted to lower the price of its insulin medications in response.
Eli Lilly announced in March 2020 that Insulin Lispro, a less expensive variant of their Humalog insulin, would go on sale. The identical drug, Insulin Lispro, is also known as Humalog, but it costs less to buy. Many people with diabetes and healthcare groups applauded this action, but some felt that it was insufficient to address the greater problem of growing insulin prices.
Eli Lilly most recently announced that they would be slashing the prices of their insulin medications by up to 70% in March 2022. After being under pressure to reduce the price of insulin by the federal government and healthcare groups, this decision was made. This was a significant victory for the diabetic community since it may lower the cost of insulin for millions of individuals.
In spite of these initiatives, there is still more to be done to solve the problem of growing insulin prices. It is crucial that pharmaceutical firms like Eli Lilly keep working to lower the price of insulin and expand access to medicine for everyone who needs it.
There are other concerns that the diabetes community has to address in addition to lowering the price of insulin. The lack of variety in diabetic drug clinical trials is a significant problem. The lack of sufficient participants from varied backgrounds in clinical trials can result in drugs that are less effective for particular populations.
Lack of resources and education for diabetics is another problem. Diabetes is a complicated and demanding condition, and managing it without medication can be tricky.
