Starting this year, Medicare beneficiaries will have their out-of-pocket insulin costs capped at $35 per month as part of the 2022 Inflation Reduction Act. However, Civica Rx, a pharmaceutical company expanding in Petersburg, plans to produce insulin for everyone, regardless of their insurance, at an even lower price. In about nine months, they will begin manufacturing insulin at their new Petersburg plant, offering it for just $30 per vial or $55 for five disposable pens, significantly lower than what some Americans currently pay, which can be upwards of $300 a month for this life-saving medication. Civica will provide access to generic versions of Lantus, Humalog, and Novolog, covering approximately 80 percent of the insulin market, addressing the issue of exorbitant insulin prices that have tripled over the past decade and are attributed to a broken pharmaceutical market incentivizing profit-driven cost increases.
Petersburg, VA