May 2, 2023
White House: Eli Lillyâ€™s insulin price cap shows why GOP should stop attacking the Inflation Reduction Act
The White House has praised Eli Lillyâ€™s decision to cap the price of insulin, citing it as a prime example of why the GOP should stop attacking the Inflation Reduction Act.
Eli Lilly, one of the largest insulin manufacturers in the world, announced earlier this year that it would cap the price of insulin at $35 per month for people with commercial insurance. This move was widely praised by healthcare advocates and patients who have been struggling with the skyrocketing cost of insulin.
The White House has now joined the chorus of voices praising Eli Lillyâ€™s decision, saying that it shows the power of government intervention in the healthcare market. The Inflation Reduction Act, which was proposed by Democrats earlier this year, would give the government the power to negotiate drug prices with pharmaceutical companies, similar to the way that other countries negotiate drug prices.
Republicans have been fiercely opposed to the Inflation Reduction Act, arguing that it would stifle innovation and lead to fewer new drugs being developed. However, the White House argues that the Eli Lilly insulin price cap shows that government intervention can actually lead to more innovation, as companies are forced to find new ways to make their products more affordable.
The White House also argues that the Inflation Reduction Act would help to address the root causes of the high cost of healthcare in the United States. By negotiating drug prices, the government could help to lower the cost of healthcare for everyone, not just those who are struggling to afford their medications.
Overall, the Eli Lilly insulin price cap is a powerful example of why the Inflation Reduction Act is so important. By showing that government intervention can lead to more affordable healthcare and more innovation, it is clear that the GOP should stop attacking this important piece of legislation and work to pass it into law.