WASHINGTON (dpa-AFX) - President Joe Biden has called on drug manufacturers to lower their prices on popular drugs to combat obesity, diabetes, and cardiovascular disease.
Biden repeated his call after Eli Lilly offered a direct-to-consumer version of their anti-Obesity medication for less than half the price they used to charge.
Eli Lilly and Company (LLY) announced Tuesday that it has released 2.5 mg and 5 mg single-dose vials of Zepbound approved for chronic weight management in adults with obesity.
Lilly said the single-dose vials are priced at a 50 percent or more discount compared to all other incretin (GLP-1) medicines for obesity.
The company has created a new self-pay pharmacy component of LillyDirect where patients with an on-label prescription are able to purchase the vials.
Americans pay two to three times more than people in other countries for the exact same prescription drugs. The prices of popular drugs to combat obesity, diabetes, and cardiovascular disease are up to six times higher in the United States than in Canada and Denmark.
The Biden administration had taken action to lower the cost of the medications Americans rely on by allowing Medicare to negotiate drug prices. It has capped the cost of insulin at $35 a month for those with Medicare, and required drug companies to pay rebates back to Medicare if they raise their prices faster than inflation.
Responding to El Lilly cutting price on Obesity medication by half, Biden said it is a welcome first step for American families struggling to access these drugs. 'But it is critical that drug companies lower their prices across the board'.
'The Vice President and I will keep fighting to make sure all Americans can access the medications they need', he said in a statement.
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