Amazon Pharmacy slashes insulin prices to increase affordability.
Amazon Pharmacy Expands Access to Critical Care with Automatic Coupons
Amazon Pharmacy announced on Tuesday that it is taking steps to make critical care more accessible by automatically applying manufacturer coupons and savings discounts to over 15 insulin and diabetes management brands.
“The reason why Amazon Pharmacy is doing something different is because many patients don’t know that coupons readily exist,” Chief Medical Officer of Amazon Pharmacy Vin Gupta told Forbes. “In fact, 85% of the time that a medication with an available coupon is prescribed, the coupon is never used. We are trying to close that gap for both insulin and a broader set of medications, and really unlock the value behind those savings for patients automatically.”
Efforts to Lower Insulin Prices
Eli Lilly, Novo Nordisk, and Sanofi, the three major players controlling 90% of the insulin market in the United States, have announced plans to cut insulin prices by at least 70% by 2024. In the meantime, they have issued more manufacturer coupons to help lower prices.
However, a report released by Sen. Elizabeth Warren (D-MA) found that people without health insurance still pay an average of $98 per vial for Eli Lilly’s generic insulin product. Additionally, one-third of pharmacies charge more than $164 per vial, despite the company’s pledge to reduce the price to $25 per vial.
Government Initiatives and Diabetes Statistics
The Centers for Medicare and Medicaid Services have implemented the Inflation Reduction Act, which includes a $35 cap on insulin monthly co-pays for Medicare Part D patients and the elimination of deductibles for insulin.
According to the Centers for Disease Control and Prevention, there are approximately 37.3 million Americans with diabetes and 96 million with pre-diabetes. The American Diabetes Association estimates that there are 8.4 million insulin-dependent diabetics in the U.S.
Positive Response from the American Diabetes Association
“Access to affordable diabetes medications and technology can help people living with diabetes stay healthy and avoid complications,” said Charles Henderson, CEO of the ADA. “We applaud Amazon Pharmacy for innovating on behalf of people with diabetes and taking important action to help ensure they easily access the treatments they need through a transparent purchase process that automatically applies any eligible discounts.”
Amazon Pharmacy’s Competitive Moves
Amazon has been making strategic moves to compete with major players in the pharmaceutical industry, such as CVS and Walgreens. In January, they launched a $5-a-month program for 50 generic medications used to treat over 80 chronic medical conditions.
“What [is Amazon] really good at? We are good at acting based off of our core retail roots — driving convenience, value, and affordability through upfront pricing and direct delivery,” Gupta said. “This is how we are trying to get closer to our customers — by really keeping their priorities first.”
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