Minnesotans Can Now Buy Lilly-Produced Insulin for $35 a Month
Settlement Provides Better Guarantees for Patients’ Out-of-Pocket Costs
St. Paul, Minn. – In a groundbreaking development, Minnesota has reached a settlement with pharmaceutical giant Eli Lilly and Co. in a price gouging lawsuit against the country’s three largest insulin manufacturers. The settlement, announced by Attorney General Keith Ellison on Wednesday, ensures that Minnesotans can now purchase Lilly-produced insulin for a mere $35 a month for the next five years.
Wide-Ranging Benefits for Minnesota Residents
This landmark settlement is expected to benefit up to 500,000 Minnesota residents, whether they have insurance coverage or not. Attorney General Ellison emphasized that the agreement covers all Lilly brand-name insulin products and provides substantial relief for individuals grappling with the skyrocketing costs of diabetes management. While litigation against Sanofi-Aventis and Novo Nordisk, the other manufacturers named in the 2018 lawsuit, remains pending, this settlement sets a significant precedent.
Relief for Diabetics Amidst Rising Insulin Costs
According to the American Diabetes Association, over 8 million Americans rely on insulin, a vital hormone needed to convert food into energy. Unfortunately, individuals with diabetes often face the burden of insufficient insulin production. While drug manufacturers like Lilly have made efforts to assist diabetics in covering the costs, Minnesota’s settlement provides even greater assurances for patients. Attorney General Ellison highlighted that this agreement guarantees that out-of-pocket insulin expenses will not exceed $35 per month, starting immediately.
Breaking Down Barriers and Saving Lives
Attorney General Ellison passionately stated, “It doesn’t make sense for this lifesaving medicine to be locked behind the glass you can only break in case of an emergency, or behind a high wall of prices. This settlement shatters that glass and tears down that wall – $35 out-of-pocket, when you need it.” The settlement echoes similar agreements reached by New York and other states, demonstrating a growing demand for affordable insulin nationwide.
Affordable Access to Insulin: A Step in the Right Direction
Eli Lilly and Co. issued a statement expressing their commitment to providing Minnesotans with accessible insulins. The settlement builds upon previous actions taken by the company, including price cuts and caps implemented in March of last year. These measures have significantly reduced the average monthly out-of-pocket cost for Lilly insulin to $20.48. Novo Nordisk, another major insulin manufacturer, also announced plans for price reductions starting this year.
A Lifesaving Program Named for Alec Smith
Minnesota’s emergency program, named after Alec Smith, who tragically passed away from diabetic complications in 2017, aims to prevent similar tragedies. Smith-Holt, Alec’s mother, expressed her gratitude for the multiple avenues now available to diabetics in Minnesota to access affordable insulin. She emphasized that these initiatives will undoubtedly save countless lives.
This settlement serves as a beacon of hope for diabetics across Minnesota, as the state takes a bold stance against exorbitant insulin costs. As the legal battle continues against the remaining manufacturers, the impact of this agreement reverberates nationwide.