An Eli Lilly and Company pharmaceutical plant is pictured in Branchburg, New Jersey, March 5, 2021.
Mike Segar | Reuters
Uninsured Americans pay an average of nearly $98 for a bottle Eli Lilly‘s generic insulin, even after the company promised to lower the product’s list price to $25 per bottleaccording to a report released Thursday by Senator Elizabeth Warren.
Eli Lilly promised to lower the list price of its generic insulin earlier this year, Lisprofrom $82.42 per vial as of May 1. The Indianapolis-based pharmaceutical company is one of the world’s largest insulin manufacturers.
The Massachusetts senator’s report surveyed more than 300 chain and independent pharmacies in the U.S. between June 9 and June 28 to determine whether Eli Lilly’s announced price cut “translated into real relief for patients.”
The study found that one-third of pharmacies charged uninsured patients $164 or more for a vial of Eli Lilly’s Lispro.
Seven pharmacies charged $200 per vial or more, and two sold the product for more than $300.
Chain pharmacies charged uninsured customers an average of $123 per vial for the generic insulin, compared to an average of $63 at independent pharmacies.
Eli Lilly did not immediately respond to CNBC’s request for comment on the survey.
The study’s findings suggest that “Eli Lilly’s promises of affordable, accessible insulin have not been delivered for uninsured patients across the country,” Warren said in a statement.
She said the data also shows Congress needs to take more steps to curb outrageous pricing, such as capping insulin copays at $35 a month for all patients, regardless of insurance status.
President Joe Biden’s Inflation Reduction Act currently limits insulin copays to $35 per month for people covered by Medicare.
“My new report confirms that far too many uninsured Americans don’t have access to or can’t afford to pay astronomical prices for life-saving generic insulin — lawmakers need to take action,” Warren said in a press release.
Senator Elizabeth Warren, D-MA, speaks at a Senate Bench Committee hearing on Capitol Hill in Washington, DC, June 13, 2023.
Michael A. McCoy | Getty Images
Insured Americans typically pay a fraction of the list price for insulin. But uninsured people often have to pay the full cost, which can force them to ration or stop life-saving diabetes treatment.
Nearly 30% of uninsured patients with diabetes reported skipping insulin doses, taking less than prescribed or delaying purchases in the past year, Warren said, citing a Study from 2022 by researchers at Harvard and other institutions.
“No American should ever be forced to choose between life-saving drugs, such as insulin, and their ability to pay for food, shelter and their daily needs,” Warren said.
Earlier this year, Eli Lilly, Sanofi And Novo Nordisk committed to cutting the list prices of their most common prescription insulins by at least 70% later in 2023.
Eli Lilly and Sanofi also limited monthly out-of-pocket insulin costs to $35 for people who have private insurance.
Together, the three companies control 90% of the global insulin market.
Their commitments were applauded by lawmakers and Biden, who was pleased that the companies were finally heeding calls to make diabetes care more affordable in the US.
But Warren’s research raises questions about how effective their cost-cutting efforts will be.
About 37 million people in the US, or 11.3% of the country’s population, have diabetes, according to the Center for Disease Control and Prevention.
About 8.4 million diabetic patients depend on insulin, the American Diabetes Association said.