Lilly plans to slash some insulin prices, expand cost cap

Eli Lilly will cut prices for some older insulins later this year and immediately give more patients access to a cap on the costs they pay to fill prescriptions.

The moves announced Wednesday promise critical relief to some people with diabetes who can face thousands of dollars in annual costs for insulin they need in order to live. Lilly’s changes also come as lawmakers and patient advocates pressure drugmakers to do something about soaring prices.

Lilly said it will cut the list prices for its most commonly prescribed insulin, Humalog, and for another insulin, Humulin, by 70% or more in the fourth quarter, which starts in October.

List prices are what a drugmaker initially sets for a product and what people who have no insurance or plans with high deductibles are sometimes stuck paying.