Minnesota has struck a deal with Eli Lilly in a lawsuit alleging price gouging by the country's top insulin producers.
The agreement ensures that Minnesotans can purchase Lilly-manufactured insulin for only $35 per month for the next five years, announced Attorney General Keith Ellison on Wednesday.
The settlement stands to benefit around 500,000 residents, irrespective of their insurance status, covering all Lilly brand insulin products. Legal action against the other two manufacturers named in the 2018 lawsuit, Sanofi-Aventis and Novo Nordisk, is still ongoing.
According to the American Diabetes Association, over 8 million Americans rely on insulin. While the Inflation Reduction Act limited out-of-pocket insulin costs to $35 per month for Medicare beneficiaries, the price limit only applies to seniors.
Lilly affirmed in a statement that the settlement guarantees affordable access to its insulins for Minnesotans, building upon measures already taken by the company, including price reductions and caps announced last March, which have brought the average monthly out-of-pocket cost for Lilly insulin down to $20.48.
Last year, Novo Nordisk and Sanofi also announced plans to reduce insulin prices starting this year.