Topline:
Big news this morning for anyone who relies on insulin: Drug manufacturer Eli Lilly announced that it's cutting the price by 70% on its "most commonly prescribed insulins."
Some details: The company's also expanding its Insulin Value Program, which caps patient out-of-pocket costs at $35 or less per month.
Why now: The announcement comes after waves of criticism saying the drug, vital to many people with diabetes, should be more accessible. The price of insulin has increased 600% over the last 20 years and prompted California lawmakers to commit to producing the state's own brand of generic insulin to sell at below-market prices.
Why it matters: According to the American Diabetes Association, 8 million people in the U.S. with diabetes rely on insulin — about 4 million of those in California. Eli Lilly dominates the insulin market, along with two other competitors. Patients often struggle to pay the high costs of the life-saving drug, even when they're insured.
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