An Eli Lilly & Co. logo is seen on a box of insulin medication in this arranged photograph at a pharmacy in Princeton, Illinois.Daniel Acker | Bloomberg | Getty ImagesDrugmaker Eli Lilly & Co. on Wednesday said it will cut prices of its most commonly prescribed insulins by 70% and cap monthly out-of-pocket costs at $35 at certain retail pharmacies for people who have private insurance.Lilly will list its Lispro injection at $25 a vial effective May 1 and slash the price of its Humalog and Humlin injections by 70% starting in the fourth quarter.The announcement comes amid growing federal pressure to lower the cost of insulin. The Inflation Reduction Act capped insulin prices for Medicare beneficiaries at $35 per month but did not protect people with private insurance or who don’t have coverage from higher prices.In President Joe Biden’s State of the Union speech, he called on Congress to cap insulin prices at $35 a month for everyone. Lilly said at the time that it supports extending the price cap to all Americans. Biden applauded Lilly’s decision on Wednesday and called on other drugmakers to follow suit.Lilly said it will cap out-of-pocket costs at $35 per month effectively immediately at certain retail pharmacies for people with private insurance. The company has a program that offers insulin …
