US PHARMACEUTICAL giant Eli Lilly announced today it was cutting the cost of its most commonly prescribed insulins by 70% after years of soaring prices that hit millions of Americans living with diabetes.

The announcement comes as the cost of insulin has surged in recent years, with demand increasing significantly as well.

“Lilly is taking these actions to make it easier to access Lilly insulin and help Americans who may have difficulty navigating a complex healthcare system,” the Indianapolis-based drugmaker said in a statement.

The company said it would cut the price of its non-branded insulin to US$25 a vial starting May 1.

It will also lower the price of Humalog, its most commonly prescribed insulin, and Humulin, by 70% starting in the fourth quarter of this year.

“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,” said David Ricks, Lilly’s CEO.

Diabetes is one of the fastest-growing chronic diseases globally, according to a 2022 study. – AFP,  March 1, 2023.