An article in JAMA Network says that insulin prices have skyrocketed over the past 20 years — in some cases to more than $360 a day, even though a vial costs roughly $3 to $6 to produce. This has caused people who depend on insulin to ration their daily dose. Or worse, to skip it all together.

Luckily, the federal government has now put a cap of $35 per month on costs for Medicare patients. And pharma companies, feeling the public outrage, have announced they will reduce prices too. 

Eli Lilly is capping what patients pay out-of-pocket for insulin at $35. In May, unbranded Insulin Lispro Injection will cost $25 for 100 units of 10 mL vials, instead of $82.41.

Novo Nordisk says reduced insulin prices are coming in January 2024. Vials and pens of Novolin and Levemir will be 65% of current list prices, and NovoLog and NovoLog Mix 70/30 will be 75% cheaper. People without insurance can download a savings card that provides a $35 out-of-pocket cap on monthly insulin prescriptions.

Sanofi says that by the beginning of next year, it will cut the price of Lantus by 78% and short-acting Apidra by 70%. 

This is great news. But to ease the burden of over-the-top prices for all medications: Review your insurance coverage; try generic medicines (some nonprofit hospitals have banded together to support producing at least 20 of the drugs that have become generic); investigate prescription discount cards; check out drug companies' patient assistance programs; and investigate buying medicines on the internet (clear it with your doctor first).