Insulin purchasers submitted a request to a federal judge in New Jersey on May 26 regarding a proposed settlement for a class action lawsuit against Eli Lilly & Co., claiming that the company inflated the medication’s price.
As per the proposed agreement, the pharmaceutical company would offer a payment of $13.5 million and establish a cap on the price of insulin.
After six years of litigation, Insulin buyers and Eli Lilly have agreed to a proposed class action settlement. The settlement allows eligible patients to purchase Eli Lilly insulin medications sold under the Humalog, Humulin and Basaglar names for a maximum of $35 out of pocket each month, according to the settlement motion.
According to the motion for preliminary approval of the class action settlement, the insulin price cap would be ensured for a minimum of four years.
If approved, individuals who bought Eli Lilly insulin products covered by the settlement may receive cash payments from the $13.5 million class action settlement fund.
“The settlement provides no reversion to Lilly and completely freezes the out-of-pocket insulin expenses for covered insulin products for the settlement class members for four years, a very substantial concession in an era where drug prices are skyrocketing and inflation generally is a significant concern,” the plaintiffs say in their motion.