NORFOLK, Va. — More than 600,000 Virginia adults could benefit from cheaper insulin prices, according to White House staff.
“In the United States, we pay two to three times as much as people in other countries for prescription drugs,” said Chiquita Brooks-LaSure, the administrator for the Centers for Medicare and Medicaid Services.
Wednesday, drug manufacturer Eli Lilly announced a price reduction of up to 70% for its insulin products.
“This critical population stands to benefit from the president’s work and drug companies’ response to his call,” said Christen Linke Young, the deputy assistant to the president for Health And Veterans Affairs.
White House officials say that announcement follows the Inflation Reduction Act, which caps insulin prices at $35 for seniors on Medicare.
"The data also show that these cost-saving measures will disproportionately impact communities of color as Black, Hispanic and American Indian and Alaskan Native adults have higher rates of diabetes in the United States,” Young said.
“For far too long, Americans have been crushed by drug costs many times higher than the cost to make them,” said Kate Berner, the White House principal deputy communications director.
Brooks-LaSure said work to lower medication prices will continue in the coming years.
“In 2025, people with Medicare prescription drug coverage won’t pay more than $2,000 per year for their prescriptions,” she said.
She said by 2026, people with Medicare will start to benefit from Medicare negotiating prices with drug companies. They said President Joe Biden continues to call on Congress to finish the job and cap costs at $35 for all Americans.