More Americans can now get insulin for $35

CNN —

More Americans with diabetes will get a break on their insulin costs in 2024.

Sanofi is joining the nation’s two other major insulin manufacturers in offering either price caps or savings programs that lower the cost of the drugs to $35 for many patients. The three drugmakers are also drastically lowering the list prices for their products.

The moves were announced in the spring, but some didn’t take effect until January 1.

Drugmakers have come under fire for years for steeply raising the price of insulin, which is relatively inexpensive to produce. The inflation-adjusted cost of the medication has increased 24% between 2017 and 2022, and spending on insulin has tripled in the past decade to $22.3 billion in 2022, according to the American Diabetes Association.

Some 8.4 million Americans rely on insulin to survive, and as many as 1 in 4 patients have been unable to afford their medicine, leading them to ration doses – sometimes with fatal ramifications, according to the association.

Congress, the White Houseand new players in the market have increased pressure on insulin manufacturers to lower their prices. Eli Lilly and Sanofi announced that they would institute $35 caps shortly after President Joe Biden called on drugmakers to do so in his State of the Union address last year.

Medicare enrollees now pay no more than $35 a month for each of their insulin prescriptions, thanks to the Inflation Reduction Act, which Democratic lawmakers pushed through Congress in 2022.

But drugmakers also faced changes to the Medicaid rebate program that would have likely cost them hundreds of millions of dollars each if they didn’t lower their list prices.

$35 price cap

Sanofi established a $35 monthly cap on