The discounts could affect up to 700,000 patients, a company spokeswoman said.
"We must find workable solutions to support the development of high-quality drugs and insulin innovations while also ensuring that no one living with diabetes is ever forced to put their life at risk by rationing their insulin because they can not afford it", he said at yesterday's meeting.
Cigna's announcement comes a day after the Food and Drug Administration announced it would bring competition to the insulin market. On Tuesday, members of the U.S. Senate Finance Committee sent letters to the top PBMs, including Express Scripts, asking for information on their role in skyrocketing insulin prices.
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Vials of insulin belonging to David Burns, 38, who has type 1 diabetes, are photographed in his home in North London on February 24, 2019. A recent Yale study highlighted the effects of this issue, showing that 1 in 4 people with diabetes who use insulin admitted to cutting back on the use of insulin because of cost. "The price of all types of insulin and insulin products increased, with point-of-sale prices roughly doubling on average between 2012 and 2016", said the institute, which holds data on over 50 million commercially insured individuals per year.
In 2018, users of insulin plans by Cigna and Express Cripts were paying an average out-of-pocket cost of $41.50 for a 30-day supply. The companies are working with insulin makers to lower copayments to $25. The federal agency sees it as a way to lower prices.
"We have people with diabetes who take insulin who are having trouble affording their insulin", said Stettin. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Connecticut General Life Insurance Company, Life Insurance Company of North America, Cigna Life Insurance Company of New York, Express Scripts companies or their affiliates.