U.S. Rep. Don Beyer of Northern Virginia today welcomed the reported move by drugmaker Eli Lilly to cap out-of-pocket costs for its insulin products at $35 per month for insured and uninsured Americans, effective immediately. Beyer serves on the House Committee on Ways and Means, which originated the drug pricing provisions of the Inflation Reduction Act. Eli Lilly’s announcement came weeks after insulin costs for seniors on Medicare were capped at $35-per-month by a provision of the Inflation Reduction Act, which took effect in January.
“Last year Democrats enacted the Inflation Reduction Act, and President Biden signed it into law, to lower costs of prescription drugs including insulin for millions of Americans. With today’s announcement by Eli Lilly, the nation’s largest manufacturer of insulin, millions more Americans will see out-of-pocket costs for insulin capped at $35 per month,” said Rep. Beyer. “I strongly urge other drug manufacturers to follow suit and cap costs of life-saving medicines for all who need them. The law we passed paved the way for this excellent news, and I will continue working with colleagues in Congress to do all we can to lower the cost of prescription drugs and other essential health care.”