AG James secures price cap agreements with insulin makers
New York Attorney General Letitia James announced that her office secured agreements from Eli Lilly and Co. (NYSE:LLY) and Sanofi-Aventis U.S. LLC (NASDAQ:SNY) to cap the price of insulin at $35 per monthly prescription for uninsured New Yorkers for five years.
According to a statement from James”™ office, list prices set by the two insulin manufacturers for patients resulted in “significant out-of-pocket costs for certain insulin users, causing some to ration their insulin or forgo it altogether.” James”™ office noted that more than 10% of New Yorkers have diabetes, and it is estimated that 464,000 of them rely on insulin every day ”“ and more than 16% New York adults with diabetes have an annual household income of less than $25,000, while 6% have an annual household income of more than $50,000.
As part of these agreements, uninsured New Yorkers using either Lilly or Sanofi insulin products will not be charged more than $35 for a monthly supply of insulin for the next five years. Furthermore, the companies also agreed to offer free insulin for the neediest patients in the state.
“Lifesaving medication should be affordable and accessible for all New Yorkers regardless of their income or insurance status,” said James. “Today, uninsured New Yorkers who rely on insulin to manage their diabetes can breathe a sigh of relief that they no longer have to choose between their health or putting food on the table. I will always use the powers of my office to protect vulnerable New Yorkers, and to ensure no company takes advantage of them.”