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INDIANAPOLIS — Eli Lilly is drastically lowering the cost of its insulin.

Lilly says that it will be lowering the price of insulin it produces by 40-percent — starting January 1st of 2022. They say that would essentially bring its price for insulin back to what it was back in 2008.

“Lilly has introduced numerous affordability programs since 2017,” said Eli Lilly CEO Dave Ricks. “Collectively, these solutions are significantly lowering the out-of-pocket costs for people using our insulins.”

Ricks says Lilly’s Lispro insulin injection will be $82.41 for an individual vial and $159.12 for a pack of five injection pens. But that’s without insurance.

Anyone with a prescription for insulin with insurance for Lispro will be paying only $28.05 out-of-pocket, regardless of the number of vials or pens you can get.

“Today’s list price cut can further help people who are exposed within our healthcare system – the underinsured and uninsured,” Ricks said. “Half list-priced Insulin Lispro Injection has been adopted by a third of Humalog U-100 consumers. We hope this additional 40 percent cut can expand affordable insulin to more people with diabetes.”

Lilly said most people using Insulin Lispro Injection are unlikely to see a change in what they pay for their monthly prescription because they have fixed insurance co-pays or already use one of Lilly’s affordability programs.