Nation’s Top 3 Insulin Manufacturers Promise Price Cuts

On March 1, Eli Lilly announced cuts to insulin list prices and providing an automatic cap on “out-of-pocket costs at $35 at participating retail pharmacies for people with commercial insurance using Lilly insulin.”  These changes take effect at various points in 2023 for the few insulin products they manufacture (April 1, May 1, and Q4 2023).

A couple of weeks later, Novo Nordisk and Sanofi announced similar cuts to their insulin list prices effective January 1, 2024.

These three insulin manufacturers make about 90% of the U.S. supply of insulin.  These announcements follow the Inflation Reduction Act putting a Medicare cap on insulin of $35 per month and President Biden urging insulin manufacturers to apply similar pricing in the commercial insurance market.

This is primarily being paid for by drastically reducing insulin rebates these manufacturers must pay to Medicaid.


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About Michelle Cammayo, Compliance National Practice Leader, Employee Benefits

Michelle Cammayo has close to 20 years of Employee Benefits experience specializing in all lines of health and welfare benefits. Today, Michelle works closely with clients and partners to provide guidance in areas of the law including ERISA, HIPAA, COBRA, FMLA and PPACA. She is also the IMA National Practice Leader for Compliance and endeavors to ensure IMA helps its clients manage and eliminate risk in the most effective manner. She is passionate about educating others and her passion for this shined in the COVID era where Michelle conducted weekly and then monthly webinars providing guidance to employers. Her podcast, Cammayo’s Compliance Talk, has gained popularity in the last three years to become a favorite amongst our clients. She also contributes regularly to our Blog and has authored several articles for industry-related newsletters. Michelle’s consultative approach with employers provides practical advice as employers endeavor to be compliant.

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