INDIANAPOLIS, May 26, 2020 /PRNewswire/ -- President Donald J. Trump and Seema Verma, Administrator for the Centers for Medicare & Medicaid Services, today announced details of the new Part D Senior Savings Model that will allow people in the Medicare Part D program to buy their monthly prescription of insulin for no more than $35 starting January 1, 2021. David A. Ricks, Eli Lilly and Company (NYSE: LLY) Chairman and CEO, attended the announcement at the White House. Below is his statement about the Part D Senior Savings Model:
"Lilly is very pleased to participate in this important model that will make insulin more affordable for seniors in the U.S. We've been working on insulin affordability solutions for many years, and this model fills a critical gap that remained in the system.
This important opportunity for seniors could not happen without the relentless commitment of the many people involved. I want to thank President Trump, Vice President Pence, Secretary Azar, Administrator Verma and others in the Administration for their collective commitment, as well as the Part D plan sponsors, my industry colleagues, and everyone else involved in this new model who care about the millions of Americans living with diabetes.
Once this program begins in 2021, people using most Lilly insulins – regardless of whether they are enrolled in Medicare Part D, a private commercial plan, or are uninsured – will be eligible to purchase their monthly prescription for a little more than a dollar a day, or $35 a month, from a retail pharmacy. This new Part D Senior Savings Model is a natural fit with our other programs that can be found through the Lilly Diabetes Solution Center. Earlier this year, we launched the Lilly Insulin Value Program, which allows anyone with private commercial insurance, or no insurance at all, to buy their monthly prescription of insulin for $35 at a retail pharmacy. We are now able to provide the same opportunity for seniors who enroll in participating Medicare Part D plans. So if you use a Lilly insulin and need support, we urge you to consider the solutions now offered that can make your medicine more affordable."
Through this new model, seniors in participating Medicare Part D insurance plans will see out-of-pocket costs for covered Lilly insulins reduced to no more than $35 per 30-day supply during their deductible phase, during initial coverage and while in the coverage gap. Seniors who take insulin and enroll in a plan participating in the Model are expected to save an average of $446 in annual out-of-pocket costs for insulin, with premiums increasing less than $1 per month. This means that the insurance plan chosen by seniors will become even more important during open enrollment for 2021, as it will dictate the out-of-pocket costs a person taking insulin may face.
People with questions about the Lilly Insulin Value Program and other solutions offered on Lilly insulins can dial the Lilly Diabetes Solution Center at (833) 808-1234. The Solution Center is open 8 am to 8 pm EST Monday through Friday.
Terms and Conditions
Terms, conditions, and limitations apply to the co-pay cards that can be accessed through the Lilly Diabetes Solution Center. Not available to those patients with government insurance such as Medicaid, Medicare, Medicare Part D, TRICARE®/CHAMPUS, Medigap, DoD, or any State Patient or Pharmaceutical Assistance Program.
Approximately 34 million Americans1 (just over 1 in 10) and an estimated 463 million adults worldwide2 have diabetes. Type 2 diabetes is the most common type internationally, accounting for an estimated 90 to 95 percent of all diabetes cases in the United States alone1. Diabetes is a chronic disease that occurs when the body does not properly produce or use the hormone insulin.
About Lilly Diabetes
Lilly has been a global leader in diabetes care since 1923, when we introduced the world's first commercial insulin. Today we are building upon this heritage by working to meet the diverse needs of people with diabetes and those who care for them. Through research, collaboration and quality manufacturing we strive to make life better for people affected by diabetes and related conditions. We work to deliver breakthrough outcomes through innovative solutions—from medicines and technologies to support programs and more. For the latest updates, visit http://www.lillydiabetes.com/or follow us on Twitter: @LillyDiabetes and Facebook: LillyDiabetesUS.
About Eli Lilly and Company
Lilly is a global health care leader that unites caring with discovery to create medicines that make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at lilly.com. P-LLY
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about Lilly insulins, and the costs of these medicines, and reflects Lilly's current belief. For further discussion of these and other risks and uncertainties, see Lilly's most recent Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.
Centers for Disease Control and Prevention. National Diabetes Statistics Report, 2020. Atlanta, GA: Centers for Disease Control and Prevention, U.S. Dept. of Health and Human Services; 2020.
International Diabetes Federation. IDF Diabetes Atlas, 9th edn. Brussels, Belgium: International Diabetes Federation, 2019. Available at: http://diabetesatlas.org.
SOURCE Eli Lilly and Company