CEOs of major insulin producers to testify before Senate on $35 price cap

April 21 (UPI) -- Sen. Bernie Sanders announced Friday that CEOs from the major insulin manufacturers, Eli Lilly, Novo Nordisk, and Sanofi will testify at a hearing next month.

The three companies, which collectively produce 90% of the world's insulin supply, will testify before the Senate Health, Education, Labor and Pensions Committee, regarding their plans to make insulin more affordable May 10, Sanders, I-Vt., said in a statement.

"As a result of public outrage and strong grassroots efforts, major pharmaceutical companies recently announced that they would be substantially reducing the price of insulin," Sanders said. "That's an important step forward. We must make certain, however, that those price reductions go into effect in a way that results in every American getting the insulin they need at an affordable price."

Eli Lilly, Novo Nordisk, and Sanofi have each announced plans to cut the price of insulin to $35.

The announcements came amid the implementation of the Inflation Reduction Act, which caps insulin costs at $35 per month for people with Medicare, and a campaign by President Joe Biden to pressure drug companies to lower prices.

Sanders and Rep. Cori Bush, D-Mo., have also introduced legislation that would cap the list price of insulin at $20.

In addition to insulin price, Sanders said that the focus should be on lowering the cost of all prescription drugs.

"The United States cannot continue to pay, by far, the highest prices in the world for prescription drugs while drug companies and PBMs make billions in profits," Sanders said. "That's what this hearing is all about."

The May 10 hearing will also feature testimony from pharmacy benefit managers such as CVS Health, Express Scripts and OptumRX.