U.S. pharmaceutical giant Eli Lilly announced Wednesday that it would cut the price of its insulin products by 70%. Its lowest-priced product, an unbranded version, will now retail for $25 per vial. The new price will come into effect in May.
The company’s other products will also see a price reduction: Humalog, the most-prescribed insulin sold by Eli Lilly, will see a 70% reduction by the end of the year, though the company did not clarify the expected unit pricing per vial.
The price decrease is a marked departure from historically high insulin costs in the U.S., where the drug's prices are around four times higher than other nations.
In 2019, Humalog cost $332 per vial in the U.S., a price increase of 1000% from 1999, a 2020 study found. In Canada, Humalog costs around $44 per vial.
According to 2018 data from American nonprofit RAND, the price per unit of insulin in the U.S — $98.70 — is roughly four times higher than other countries.
Chile, which sells insulin for $21.48, ranks the second-highest when compared to America, coming in at less than a quarter of the price.
Here's how much insulin costs in other countries, per 2018 data:
- The U.K — $7.52
- Norway — $7.79
- Turkey — $2.64
- Mexico — $16.48
- Japan — $14.40