BEAUMONT, Texas — Insulin is a necessity for many that can cost some people hundreds of dollars per month.
It is a hormone that helps the body use glucose for energy, according to the American Diabetes Association. When a person's body does not make enough insulin, they can take it by injection or through an insulin pump.
Millions of Americans depend on insulin to survive.
One of the top producers of insulin, Eli Lilly, announced plans to cut their prices for the medication by up to 70%, capping what some people pay out-of-pocket to $35 per month. This puts the company in line with a provision in the Inflation Reduction Act passed by President Joe Biden.
"Big pharma has been unfairly charging people hundreds of dollars, $4 to $500 a month, record profits,” President Biden said in his State of the Union Address. “Not anymore"
The cost cuts will only impact people paying out of pocket for insulin, possibly saving them hundreds of dollars on their next insulin refill. Some believe it is too good to be true.
“Oh, it's vital,” Trey Haney, manager of Family Pharmacy in Vidor said. “If you don't have it, you're going to die."
Haney said most patients have a $0 co-pay on insulin and won't see any change. However, the major price reduction could make a huge difference to those paying their full deductible or who are paying out-of-pocket
"Some people will pay less,” Haney said. “Most people won't see an impact. Typically people pay about $500 for it, and it's going to go down to about $100 bucks.”
Haney believes those who are impacted will benefit greatly.
“So, for the people it impacts it’s going to be a huge benefit,” Haney said. “But it’s probably less than 10 percent of people who get this drug.”
Eli Lilly’s move could create a domino effect for other drug makers, making it a good first step for anyone paying a high price for insulin.
“Anytime they do something in the healthcare industry, there's multiple links in the chain,” Haney said.
Those who are uninsured or underinsured stand to see the biggest benefit from the price cut.
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