Eli Lilly To Look For Ways To Cut Insulin Costs After Walmart Debut: CNBC

Eli Lilly And Co LLY CEO David Ricks said he welcomes new competition from Walmart Inc WMT even as the retailer undercuts the company's insulin prices.
Walmart announced Tuesday is launching its first-ever private label insulin analog, available exclusively at its stores.
"Any efforts to smash through that and deliver better value to patients, I'm for," Ricks said in an interview on CNBC's "Squawk on the Street."
Ricks said the company's leaders "welcome anyone who wants to lower the price of insulin" — including the big-box retailer.
"We always look at new solutions ourselves, and this is an interesting development, and we'll look at further options," he said.
Ricks said Eli Lilly continues to seek ways to reduce costs for people with diabetes.
He pointed to two related efforts: The launch of a half-price, generic version of insulin, called insulin lispro, in early 2019 and the cap on out-of-pocket cost for insulin to $35 per month.
Eli Lilly's generic version costs nearly twice the price of Walmart's at $137.35 per vial.
Price Action: LLY shares are up 0.24% at $228.78 during the market session on the last check Tuesday.