Eli Lilly And Co (NYSE:LLY) has today announced that it would be lowering the price of two of its insulin pens. The change implies that it will be selling those pens at half the price it has been selling its branded versions.
The pens and the pricing
The company outlines that the two pens will be the versions of the Humalog Junior KwikPen and the Humalog Mix75/25 KwikPen. The company has confirmed that by mid-April, the pens will already be in the market. However, that will be if matters move according to plan.
The president of the Lilly Diabetes segment called Mike Mason, has spoken concerning the matter. He says that their business remains fully committed to the delivery of wide-ranging solutions for patients. According to the official, affordability is a major factor, and they are taking it with much seriousness in the pricing of their products. The lower-priced insulin is an outstanding solution for especially for patients struggling financially.
The leader is advocating for a major change in the company’s reimbursement system. According to him, there is a need to ensure that financial constraints don’t have to lead to premature deaths. Many patients are compelled to skip or ration doses just because they can’t afford them.
A closer outlook
Lily is pleased to be at the frontline on helping deliver affordable options for patients. It has already introduced an affordable insulin pen on the market. It was in the previous year that it unveiled the Insulin Lispro Injection (100 units/mL), and it was going at half price. Most of the major distributors in the US have started distributing the product. Lily says that it has plans underway to engage wholesalers in some elaborate talks that will have some important matters brought to the negotiation table.
Mason says that the price of insulin in any given pharmacy may vary from one person to the other. The point that determines the change is whether or not the person in question has insurance coverage. According to the official, the lower-priced insulins are about minimizing the out-of-pocket costs significantly. He calls upon people around the globe top consider taking up covers.