Eli Lilly to slash insulin costs

The price of the most commonly prescribed insulin is being cut by 70%, Indianapolis-based Eli Lilly & Co. announced Wednesday, March 1.

Prices for Humalog and Humulin are being reduced beginning in October.

Eli Lilly said it will cap out-of-pocket insulin costs at $35 per month.

The news follows President Joe Biden's call for that very price target during his State of the Union speech in February.

Insulin is made by the pancreas and used by the body to convert food into energy. People who have diabetes don't produce enough insulin.

An estimated 7 million Americans suffer from diabetes.

Do you want more business news? Check out B Magazine, and the B Magazine email newsletter. Go to www.semissourian.com/newsletters to find out more.