SALT LAKE CITY — Pharmaceutical giant Eli Lilly announced plans Wednesday to slash insulin prices by 70% and cap monthly costs at $35.
It comes as welcome news for some of the millions of Americans with diabetes who rely on insulin to survive.
“I’m always thinking ahead. Making sure I have everything packed with me, am I good to go, do I have access to insulin where I go," said Natasha Youngberg, who was diagnosed with Type 1 Diabetes at 6 years old.
Type 1 diabetics like Youngberg's body don't naturally produce insulin and rely on it to survive.
“Really if I didn’t have insulin, for a Type 1 Diabetic it’s life-changing," said Youngberg, "And if you don’t have it even for like a couple of days you would most likely instantly go into a coma.”
When Frederick Banting helped create the substance a century ago, he refused to put his name on the patent, feeling it would be unethical for a doctor to profit from a life-saving drug.
His co-inventors, James Collip and Charles Best, sold the insulin patent to the University of Toronto for $1 to make it affordable for those who need it.
Now, those prices have skyrocketed.
Youngberg said one time she had to pay for the drug out-of-pocket, and the three-month supply cost around $500, and that's not counting the other technology she needs to track and maintain her blood sugar levels.
“If didn't have insurance for like a three-month supply of pump supplies would be about $1600 for three months insulin," she said.
She said the news of Eli Lilly's move to reduce the costs of insulin and other products is long overdue.
“The impact of having these options is literally not only someone's health and wellbeing, but you know, could potentially be saving their life," said Director of Advocacy for the Juvenile Diabetes Research Fund (JDRF) Aaron Turner-Phifer.
Turner-Phifer said it's a step in the right direction, but more needs to be done about the surging prices of insulin, which millions of Americans rely on.
“We need collective action from all the supply chain industry partners to solve this problem that includes not just the manufacturers, but health plans, pharmacy benefit managers and employers and action by Congress," he said.
Youngberg also said she hopes the move by Eli Lilly puts pressure on other companies to make insulin cheaper for all.
“I think with any drug that is going to be life-changing or something that is dependent for someone to live, that has to be affordable. And knowing how much they can make it for and how much they are making off of it is honestly very disheartening.”
