Congresswoman Stacey E. Plaskett released the following statement announcing the extension by Eli Lilly of the $35 per month cap on insulin to commercially insured patients at participating retail pharmacies in the U.S. Virgin Islands.
“As part of President Biden’s historic Inflation Reduction Act, nearly four million seniors on Medicare with diabetes started to see their insulin costs capped at $35 per month in January of 2023, saving some seniors hundreds of dollars for a month’s supply. In March 2023, Eli Lilly, the largest manufacturer of insulin in the United States, agreed to lower the cost of insulin in the 50 states and Puerto Rico.
“Eli Lilly announced they would lower the cost of insulin by 70% and cap what patients pay out-of-pocket for insulin at $35. This action was driven by the momentum from the Inflation Reduction Act. Congresswoman Plaskett’s office began discussions with Eli Lilly to request that the new price offered by the manufacturer be available in the Virgin Islands. After several months of negotiation, we are grateful that Eli Lilly has agreed to operate in an equitable fashion in the Virgin Islands.
“With the prevalence of diabetes in the Virgin Islands, this extension is a huge difference maker, particularly for territories like ours. Initially, the program that provided the $35 per month cap on insulin was only available to the 50 states and Puerto Rico, but through the work of my office, beginning in 2024, the program will be available to patients and beneficiaries in the U.S. Virgin Islands who have private insurance, including government employees,” said Congresswoman Plaskett.