Eli Lilly’s Decision to Cap Cost of Insulin Highlights Need for Prescription Drug Affordability Board

RICHMOND, Va. — Virginians for Affordable Medicine — a coalition of small businesses, doctors, local governments, patient advocates, faith leaders, and grassroots supporters — today released the following statement in response to drugmaker Eli Lilly’s decision to cap the cost of insulin for people not already covered by Medicare at $35 per month:

“We applaud Eli Lilly’s decision to make insulin more affordable for more people, but let’s be clear: hardworking families shouldn’t have to be at the mercy of a drug company to access life-saving medicine at a cost they can afford,” said Rhena Hicks, executive director of Freedom Virginia, a nonprofit that is a member of Virginians for Affordable Medicine. “This is a good step and will help those who need insulin, but it only resulted from all the public pressure that pharma has been feeling, and while the move builds on the Inflation Reduction Act, it’s still responsive to it. Eli Lilly and other pharmaceutical companies are still jacking up prices on dozens of other drugs that cost Virginians billions of dollars a year. Those medicines deserve the same scrutiny as insulin, which is why our state lawmakers need to build on the Senate’s bipartisan momentum this legislative session to create a Prescription Drug Affordability Board to stop price-gouging in this industry.”