3 ms·

Eli Lilly cuts insulin prices up to 70% amid pressure to slash costs

9 points by Anon84 4y ago

HarryHirsch 4y ago
All patients with private insurance will receive a $35 per month price cap on insulin, Eli Lilly said on Wednesday. People without insurance can enroll in a program through the company that will allow them to receive the monthly price cap, the company added. Ah, OK. Private charity to get around public oversight.
- everybodyknows 4y ago
  A couple of pieces don't fit: 1. > ... enroll in a program through the company that will allow them to receive the monthly price cap ... Why a 'program'? Why not just cut the price, end of discussion? 2. Where is the promise to ramp up production to actually supply the insulin to all $35/dose buyers? There's a deep game going on, the mass media reporters sense this, but don't understand how it works, and even if they did couldn't possibly explain it to the public within their word budget, so best to ask no questions and merely parrot the "happy news".
  - olliej 4y ago
    (1) is easy: You announce the existence of the program so you can say you're doing it for "everyone" and you aren't price gouging anymore, you then never mention it again, don't document it, don't market it, and then if someone does still remember it make it hard to enroll or add a bunch of non-monetary expenses to make it as unpalatable as possible. If it's only for the uninsured you can bet that insurance companies will continue to have to pay full [insurance co] price and bake that cost into everyone's premiums. It's bizarre that price gouging laws apparently don't apply to medicine - I get that there are a bunch of treatments where the development costs are huge and need to be recuperated, so cost-of-materials isn't reflective of true cost, but insulin - even the "premium" versions - is not those and so this is gouging, coupled with literally paying other companies to not produce generics which should be a clear monopoly law violation.
prirun 4y ago
> The Inflation Reduction Act, enacted in August, set a $35 price cap on insulin products for Medicare recipients. > In 2018, the average price of insulin in the U.S. was 10 times higher than the average price in other wealthy countries, according to a report from the Rand Corporation released in 2021. > "While the current healthcare system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change," David Ricks, chair and CEO of Eli Lilly, said in a statement. The aggressive price cuts we're announcing today should make a real difference for Americans with diabetes," he added. They only did it because a law forced them, then the CEO makes these kind of statements like it comes from corporate benevolence. I hate corporations.
- HarryHirsch 4y ago
  Trouble is, the law didn't force Eli Lilly, the new regulations apply only to Medicare recipients. The regular uninsured don't benefit. The pharma lobby wants to preempt the law.
deleted 4y ago
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9 points by Anon84 4y ago

All patients with private insurance will receive a $35 per month price cap on insulin, Eli Lilly said on Wednesday. People without insurance can enroll in a program through the company that will allow them to receive the monthly price cap, the company added. Ah, OK. Private charity to get around public oversight.

everybodyknows 4y ago
A couple of pieces don't fit: 1. > ... enroll in a program through the company that will allow them to receive the monthly price cap ... Why a 'program'? Why not just cut the price, end of discussion? 2. Where is the promise to ramp up production to actually supply the insulin to all $35/dose buyers? There's a deep game going on, the mass media reporters sense this, but don't understand how it works, and even if they did couldn't possibly explain it to the public within their word budget, so best to ask no questions and merely parrot the "happy news".
- olliej 4y ago
  (1) is easy: You announce the existence of the program so you can say you're doing it for "everyone" and you aren't price gouging anymore, you then never mention it again, don't document it, don't market it, and then if someone does still remember it make it hard to enroll or add a bunch of non-monetary expenses to make it as unpalatable as possible. If it's only for the uninsured you can bet that insurance companies will continue to have to pay full [insurance co] price and bake that cost into everyone's premiums. It's bizarre that price gouging laws apparently don't apply to medicine - I get that there are a bunch of treatments where the development costs are huge and need to be recuperated, so cost-of-materials isn't reflective of true cost, but insulin - even the "premium" versions - is not those and so this is gouging, coupled with literally paying other companies to not produce generics which should be a clear monopoly law violation.

prirun 4y ago

> The Inflation Reduction Act, enacted in August, set a $35 price cap on insulin products for Medicare recipients. > In 2018, the average price of insulin in the U.S. was 10 times higher than the average price in other wealthy countries, according to a report from the Rand Corporation released in 2021. > "While the current healthcare system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change," David Ricks, chair and CEO of Eli Lilly, said in a statement. The aggressive price cuts we're announcing today should make a real difference for Americans with diabetes," he added. They only did it because a law forced them, then the CEO makes these kind of statements like it comes from corporate benevolence. I hate corporations.

HarryHirsch 4y ago
Trouble is, the law didn't force Eli Lilly, the new regulations apply only to Medicare recipients. The regular uninsured don't benefit. The pharma lobby wants to preempt the law.

deleted 4y ago

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