Hello everyone welcome back. It's time for good to
know where we serve up your daily dish of stories
that impact you every single day. The cost of
some diabetes drugs is about to get a lot lower
pharmaceutical company eli lilly announcing it is cutting prices of
its insulin products by 70%. That's right. The
drugmaker capping out of pocket prices of$35 per month
. The medications that are seeing the price cut our
human log and humble in the cuts are effective immediately
, which means people who go to purchase their insulin
today will no longer have to pay these insane costs
. As some people on certain high deductible insurance plans
are paying more than$1000 a month for life saving
medicine. Eli lilly has been under pressure to lower
the cost of its drugs in the past 30 years
, the company has raised insulin prices over 1000 percent
. As of May 1st, the company is also
lowering the price on its unbranded insulin selling it at
$25 a vial instead of$82. This is great
for eli lilly. Obviously more pharmaceutical companies should do
this but it's almost criminal how much they charge their
seniors who go to Canada who go to Mexico to
get their medications because it's so much cheaper. It's
about time and I feel I hope they keep going
. This was really sort of done by the White
House because of the inflation reduction act. President biden
was able to get Medicare recipients to get the price
cap at$35. But as he said in his
state of the union address, President Biden wanted that
across the board for everybody. But it was on
the pharmaceutical companies like Eli lilly to actually do this
. So now the larger question is, you mentioned
two of the brands they own. Do you see
other insulin companies now have to drop down their price
because of this?