FORT WAYNE, Ind. (WANE)- Major price cuts to insulin will benefit millions of families. Eli Lilly and Company announced Wednesday that they will drop the price of insulin by 70% and cap out-of-pocket insurance costs at $35.
In the Fort Wayne area, the Caldwells explain how this should have happened a long time ago. “I’m happy, and it’s worth celebrating for sure, but it’s long overdue,” Rachael Caldwell, a mother of a 10-year-old with Type 1 diabetes said. “It’s great that Eli Lilly is doing it now just the other companies need to follow suit,” said Caldwell. “So that all of them do it that will be when the real win is,” explains Caldwell.
Although this is a positive for the family, Caldwell says she still worries about future costs when her son gets older.
“We’re fortunate that we can afford it, obviously, with insurance that we have but, we know that’s not everyone’s case and then we also have the conversation of thinking about the future of when he is 18,” said Caldwell. “That’s 8 years away and we think what’s he going to do when he’s 18? Or even when he is 26 and he can’t be on our insurance anymore, we worry about that. Like how’s he going to afford it?” Caldwell explains.
Eli Lilly will also cut the price of its non-branded insulin to $25 a vial effective May 1. For those who don’t have insurance, head to this website to download a savings card for insulin.
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