Kaine, Warner celebrate cheaper insulin through Inflation Reduction Act

Jan. 5—Virginia Democrats Tim Kaine and Mark Warner are applauding the announcement that more companies will be lowering the cost of their insulin products to $35 per month for most patients. Kaine and Warner say the cheaper insulin is being made possible through provisions included in the Inflation Reduction Act.

The two lawmakers announced this week that Eli Lilly, Novo Nordisk and Sanofi are officially lowering the cost of their insulin products for most patients. The move to $35 per month began on Jan. 1 for Novo Nordisk and Sanofi, according to Kaine and Warner. Eli Lilly lowered its prices in 2023, they said.

Insulin is used to help manage blood sugar levels for individuals with diabetes.

Both Kaine and Warner voted in support of the Inflation Reduction Act.

"When we capped insulin at $35 a month for Medicare patients as part of the Inflation Reduction Act, we put pressure on big pharmaceutical companies to do the same, and we are seeing the impact," Warner said in a prepared statement. "As we start the New Year, millions of Americans are will pay less for the medication they need"

"I appreciate Eli Lilly, Novo Nordisk, and Sanofi's decisions to step up to the plate with these $35 monthly insulin caps," Kaine added. "No Virginian should have to ration the medication they need to stay alive. That's why I was proud to vote for the Inflation Reduction Act, which passed in the Senate by one vote, to push drug manufacturers to lower the cost of lifesaving medications, including insulin. Making prescription drugs more affordable is one of my top priorities on the Senate Health, Education, Labor and Pensions Committee, and I look forward to building on this progress."

All Republicans in the U.S. Senate voted against the Inflation Reduction Act. Democrat Joe Manchin of neighboring West Virginia joined Kaine and Warner in passing it.

According to Kaine and Warner, the Inflation Reduction Act set an out-of-pocket price cap for insulin at $35 per month for Americans covered by Medicare, and required drug companies to pay a rebate to the government if drug prices rise faster than inflation.

That, according to Kaine and Warner, spurred manufacturers to make similar changes to the cost of insulin for other patients who aren't on Medicare.

The Kaiser Family Foundation estimates that more than 5 percent of insulin users pay more than $150 per month for insulin. The American Diabetes Association has found that diabetics account for $1 of every $4 spent on health care in the United States.

Kaine and Warner said lowering the cost of and expanding the domestic supply chain for prescription drugs remains a priority.

— Contact Charles Owens at cowens@bdtonline.com

— Contact Charles Owens at cowens@bdtonline.com. Follow him @BDTOwens