Two states launch investigation into Eli Lilly’s insulin pricing
Two state attorneys general are investigating the pharmaceutical company Eli Lilly & Co.’s insulin pricing, the company said last week.
The attorneys general of Washington state and New Mexico are looking into the price of the Indianapolis-based company’s insulin products as well as its relationship with pharmacy benefit managers. Eli Lilly said in a Securities and Exchange Commission filing that it was cooperating with the investigations.
The price of insulin has been steadily rising over the last decade-plus. The annual cost for patients has increased from $231 in 2002 to $736 in 2013, according to a 2016 study published in JAMA. Researchers say the price surge is related to the improvement and specialization of the drug as well as looming price competition when more biosimilars are introduced.
ExpressScripts, a major pharmacy benefit manager based in St. Louis, recently launched an insulin discount program in partnership with Eli Lilly, offering a potential 40% discount off the retail price of most insulin products made by Lilly.