The drug company Eli Lilly announced on Wednesday that it was going to cut prices for some of its older insulins later this year and immediately give more patients access to a cap on costs for prescriptions.
The decision is being praised by many as the relief will be felt by those who are dependent on the drug. Though many throughout the country who have worked to reduce insulin prices are questioning the move. Among those is Minnesotan Nicole Smith-Holt.
Smith-Holt is the mother of Alec Smith, the namesake for a 2020 Minnesota law that caps the cost of insulin in the state.
Alec Smith was a 26-year-old Minnesotan who lost his life after he was unable to afford the monthly costs of insulin and diabetes supplies once he aged out of his parent’s insurance.
“The first time he went to the pharmacy in the month of June without insurance, he was asked to pay $1,300 for one month’s supply of insulin,” Smith-Holt said. “Unfortunately, he wasn’t expecting that, and when he went to the pharmacy, he didn’t have $1,300, so he left without his insulin, and unfortunately, his body was found five days later.”
Smith-Holt joined News Talk 830 WCCO’s Adam Carter to discuss the move from Lilly and the work she continues to do in the fight against insulin prices.
While her first reaction was, “oh boy, here’s another PR stunt done by Eli Lilly,” she says there is some good she sees in the program.
“I see a lot of good in what they’re doing,” Smith-Holt said, adding that she thinks those who have spoken out and taken “direct actions and advocacy over the last six years [have] forced the hand of Eli Lilly to pay attention to the cries of the advocates.”
On top of that, Smith-Holt hopes the move from the drug company will force the other two major insulin manufacturers to step up.
Even with the reduced prices, Smith-Holt said the drug that will see its price reduced is a generic version of insulin that is often not stocked in pharmacies. She says that to make the change useful, pharmacies need to ensure they are carrying the drug people need.
“Far too many people are slipping through the cracks of our healthcare system,” Smith-Holt said.
When it comes to her stance against Big Pharma, Smith-Holt says she can’t believe the lengths companies like Lilly will take to not have to change for the betterment of others.
“There’s no other industry in the world that has the amount of lobbyists, amount of lawyers, amount of money, to go against grassroots advocates and legislatures and anyone else wanting to make a change in this world then Big Pharma,” Smith-Holt said.
Two other states have passed versions of the Alec Smith Law, but Smith-Holt says that state legislation isn’t enough. She says federal policy is needed because “we’ve seen that Big Pharma, they’re not good actors. They don’t have our best interests at heart. They’re saying this today, but we have to hold them accountable.”
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