In line with a Biden administration proposal, pharmaceutical giant Eli Lilly is cutting the price of its most commonly prescribed insulins by 70 percent and capping out-of-pocket costs at $35 or less per month.
"While the current healthcare system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change," said CEO David A. Ricks. "The aggressive price cuts we're announcing today should make a real difference for Americans with diabetes. Because these price cuts will take time for the insurance and pharmacy system to implement, we are taking the additional step to immediately cap out-of-pocket costs for patients who use Lilly insulin and are not covered by the recent Medicare Part D cap."
Here is a list of the drugs seeing price cuts, via Eli Lilly:
"We are driving for change in repricing older insulins, but we know that 7 out of 10 Americans don't use Lilly insulin," said Ricks. We are calling on policymakers, employers and others to join us in making insulin more affordable."
The company said it will launch a nationwide awareness campaign in the coming weeks to spread the word about its new lower costs.
Activists have long called for more affordable insulin, which even with insurance can place a financial burden on those in need. The American Diabetes Association has found that there are approximately $15 billion in excess costs for insulin in 2017.
American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
Shopping expert Trae Bodge discusses how talks between the U.S. and China is good news for now, but uncertainty remains for back-to-school and the holidays.
Jake Traylor, White House reporter at Politico, joins Cheddar to discuss how Trump is aiming to lower drug prices and how it differs from Biden's approach.
Sheryl Palmer, CEO of Taylor Morrison, talks tariff uncertainty, being a female leader in a male dominated industry and what homebuyers need to know. Watch!
