Senate Hearing to Address Insulin Prices with Drug Company CEOs and PBMs

The CEOs of Eli Lilly, Novo Nordisk, and Sanofi, the three drug companies that control 90% of the global insulin market, will testify before the Senate Health Committee on May 10 to discuss lowering prices of their diabetes drugs. The companies had announced in March that they will slash prices of their most widely used insulin products by 70% or more. The decision came after President Joe Biden called for Congress to cap insulin prices at $35 per month. The Health and Human Services Department estimates that 17% of patients using insulin in 2021 had to ration the drug due to high costs.