NORFOLK, Va - There is some good news this week for the tens of millions of Americans with diabetes.
Eli Lilly, one of the largest insulin manufacturers, announced it change a long-standing trend of rising prices. The drug company said it will cap out-of-pocket costs at $35 a month for those with commercial insurance.
It comes as the U.S.-based pharmaceutical company and other manufacturers faced criticisms over the affordability of the medication.
News 3 spoke to one Norfolk man, Kenneth Pride, who pays hundreds of dollars for insulin. Pride has been living with diabetes since 1998 He takes insulin every day and gets his prescription filled at Peoples Pharmacy in Norfolk.
"I pay about $200 a month," Pride said.
The Peoples Pharmacy says it fills between 10 to 15 insulin prescriptions each week. News 3 caught up with Dr. Anna Peoples at the Peoples Pharmacy as she was filling insulin prescriptions. She said she’s seen the rising prices of insulin impact, several people.
"Eli Lilly has come to recognize not only do Medicare patients need that benefit but everyone else does. We’re hoping that other manufacturers follow suit and I’m praying that will bring the prevalence of diabetics down in our communities," Dr. Peoples said. "A lot of times, people are choosing between eating and taking their insulin."
For Kenneth Pride, he’s had to change his diet significantly and struggles with complications caused by diabetes.
"Diabetes is the worst disease besides cancer you can have. Most people I know got their feet amputated or their knee or leg," Pride said.
Eli Lilly made $7 billion in profits last year.
The CEO says this year they'll spend $8 billion in research and development for new drugs including newer forms of insulin.
