Insulin Now Available for $35 a Month for Many Americans

Three bags of prescriptions in a blue basket

(Image credit: Peter Dazeley, Getty Images)

Many Americans living with diabetes now have access to insulin for just $35 a month, thanks to price cuts that took effect on January 1.

The country's three biggest insulin producers — Sanofi, Novo Nordisk and Eli Lilly — announced plans last year to cut monthly insulin prices, with some plans becoming effective this month.

Under the Inflation Reduction Act, insulin copayments are capped at $35 per month for Medicare beneficiaries but the law does not apply to other patients with diabetes.

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Last June, Sanofi announced plans to cap out-of-pocket costs at $35 in the U.S. for Lantus, an insulin glargine injection and its most widely prescribed insulin nationwide. The cap, which became effective this month, covers all patients with insurance. Sanofi said it previously implemented a $35 out-of-pocket cap for uninsured patients through its Insulins ValYou Savings Program.

Last March, Eli Lilly announced it would cut prices on several insulins, with various effective dates. The company said it would reduce prices by 70% for its most commonly prescribed insulins and expand its Insulin Value Program, which caps out-of-pocket costs at $35 per month for patients without insurance.

"While the current healthcare system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change," Lilly Chair and CEO David A. Ricks said in the March announcement. "Because these price cuts will take time for the insurance and pharmacy system to implement, we are taking the additional step to immediately cap out-of-pocket costs for patients who use Lilly insulin and are not covered by the recent Medicare Part D cap."

Novo Nordisk also announced plans, effective this month, to lower prices on several of its insulin products by up to 75%. The company said its MyInsulinRx, savings program provides a 30-day supply of insulin for $35 to patients including those without insurance.

Others offering $35 insulin

There are several other companies that began offering insulin products for $35 last year. These include Hy-Vee, which launched a program in October that offers patients manufacturer-sponsored special savings cards for use on hundreds of insulin products, including a 28-day supply of insulin starting at $35 per month.

Insulin patients can also find discounts with Amazon's new automated coupon system. Under the program, the system will automatically apply manufacturer-sponsored coupons on more than 15 of the most prescribed insulin and diabetes care brand-name products to eligible customers for prices starting at $35, Amazon Pharmacy said.

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.