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.
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