Indiana-based pharmaceutical company Eli Lilly announced Wednesday it will immediately limit the price of insulin to $35 at most retail pharmacies, giving Americans struggling with diabetes receive much-needed relief.
"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," Eli Lilly CEO David A. Ricks said in the press release.
According to the Centers for Disease Control and Prevention, about 1 in 10 Americans struggle with diabetes.
IU sophomore John Lunne, a Type 1 diabetic, said the Eli Lilly announcement came as a welcome sign of relief.
“You hear stories of people rationing their insulin and living paycheck to paycheck to afford their necessary medication,” Lunne said. “Looking to my future, there is always the question of how I will be able to afford the supplies I need while entering adulthood.”
Eli Lilly’s price reduction is consistent with the Biden administration’s Inflation Reduction Act, which also capped the cost of insulin at $35.