WASHINGTON (NEXSTAR) — A major drugmaker is slashing insulin prices in an effort to make the life-saving drug more affordable. This comes after pressure from lawmakers who’ve been calling on drug companies to cut costs for patients.
Eli Lilly announced plans to cap the price of their insulin at $35 on Wednesday.
Senator Tim Kaine says it’s a smart play by the drugmaker.
“Wayne Gretzky says don’t skate to where the puck is, skate to where the puck is going. And Eli Lilly has decided they’re going to skate to where the puck is going,” Kaine said. “I’m really excited about it.”
Last year, Congress tried and failed to pass a law limiting insulin costs, but they did pass a provision to cap the price of insulin for seniors on Medicare.
The White House says Eli Lilly’s announcement came because of the pressure on drug manufacturers.
“We were able to stand up to big pharma and achieve lower costs for the American people through legislation that Congress passed this year,” Deputy Assistant to the President for Health and Veterans Affairs Christen Linke Young said. “Today’s action is really building on that momentum.”
Even with the move from Eli Lilly, some lawmakers say there’s more for Congress to do to lower insulin costs.
“We ought to cap it right now, for everybody. Not just one insurance company, not just one pharma company, but for all of them,” Senator Josh Hawley said.
Senator Hawley says this announcement shows just how important it is for Congress to keep trying to pass a cap, in order to put pressure on pharmaceutical companies.
“They could’ve done this years ago. They didn’t do it because they weren’t forced to do it, because they liked making all of those profits off the backs of people who are desperate for insulin and have to have it literally to live,” Hawley said.
Senate Leader Chuck Schumer agrees that Congress still needs to act.
“While I hope other manufacturers follow suit there’s no substitute for locking this down as mandatory and permanent for all Americans,” Schumer said.