The drug maker Eli Lilly said Wednesday that it will cut the sticker price of some insulin products by 70%, and Democrats are taking a victory lap. Well, yes, government coercion can work. But the supposed pricing triumph here is far less than meets the press releases, and the truth is worth noting for the future of drug innovation for Americans with diabetes and other diseases.
“Insulin has been around for 100 years,” President Biden said Tuesday in Virginia Beach, and he says the drug costs $10 to make. “But you’ve been paying three, four, five hundred dollars a month for that. But Big Pharma has been unfairly charging you that—record profits. Not anymore.” The Inflation Reduction Act capped insulin out-of-pocket costs at $35 a month for Medicare, and Mr. Biden wants to extend his price control on insulin into private insurance markets.
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