Indianapolis-based drug company Eli Lilly says it will soon start selling a cheaper insulin for diabetic patients. The move comes amid outcry over high drug prices.
The new insulin is a generic version of Lilly’s popular Humalog. A vial will be sold for $137, half the price of the name brand version Humalog. Five-pack KwikPens will be $265.
The soaring cost of insulin has been the focus of recent campaigns that highlighthow patients struggle to afford the medicine they need to live. Some federal and state leaders have begun to pressure companies to lower drug prices.
Eli Lilly and other insulin manufacturers point to pharmacy benefit negotiations and new developments as some of the reasons for high prices.
"The significant rebates we pay on insulins do not directly benefit all patients. This needs to change," said David Ricks, Lilly’s chairman and CEO in a statement.
The company said it will work to make the new, cheaper insulin available as soon as possible.