Jul 23, 2024
Insulin Over the years
What’s Shown
In 2022, the price of insulin in the United States was the highest in the world, according to the Rand Corporation. However, a new initiative introduced by the U.S. government has made insulin prices the lowest they’ve been in 18 years.
Key Takeaways
- In 2004, the cost of Eli Lilly’s rapid-acting insulin analog, Humalog, was $56. By 2022, the price had peaked at $275, but it has since dropped to $66.4.
- The Rand Corporation reports that in 2022, the cost of all types of insulin was the highest in the United States among 34 OECD countries.
- The production cost per insulin vial is between $2 and $4.
- The price of Humalog decreased from $275 in 2022 to $66.4 in 2024, marking a 76% decrease.
Looking Forward
By capping out-of-pocket costs and reducing list prices, this initiative not only makes insulin more accessible but also sets a precedent for future reductions in the prices of other medications. This shift could lead to more equitable healthcare, promising a brighter future where essential medications are affordable for many Americans.