NATIONWIDE (WGME) - Pharmaceutical company Eli Lilly is introducing a generic version of its insulin that will sell at half the price, according to a Monday morning announcement from the company.
U.S. drug makers have been facing growing pressure over the skyrocketing cost of insulin, a life-saving drug for people with diabetes, which has nearly doubled in cost in just the past few years.
The new, generic version will be called Insulin Lispro and will have a list price 50% lower than the company's Humalog list price.
Insulin Lispro will also be available in a five-pack pen option for $265.20.
Insulin Lispro will have the same molecule as Humalog, according to Lilly, meaning the product will be identical except for the label.
While this change is a step in the right direction, all of us in the health care community must do more to fix the problem of high out-of-pocket costs for Americans living with chronic conditions. We hope our announcement is a catalyst for positive change across the U.S. health care system. -David A. Ricks, Lilly's chairman and CEO
Lilly said vials and pens of the lower-priced insulin have already been manufactured and the company will work to make the products available in pharmacies as quickly as possible.