Eli Lilly's price cuts on insulin will increase its profits, thanks to America's bizarre drug pricing system. Don't mistake its move for philanthropy.
They’re the victims of an enormous run-up in drugmakers’ insulin prices over the last 30 to 40 years. These prices fall into two categories: The list prices, which in the U.S. can currently run to more than $200 per vial, and the out-of-pocket price.Few patients consistently pay the list price, however. Most are charged only a co-pay by their health plan or even receive insulin at no charge through Medicaid.
Insulin has become the “poster child for runaway incentives for higher list prices,” as Mulcahy puts it, for several reasons. Nevertheless, observes Robin Feldman, an expert on pharmaceutical law at the University of California College of the Law, the changes allow drugmakers to extend their marketing rights.
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