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Eli Lilly shares fall after Bernie Sanders tweets about insulin prices

INDIANAPOLIS (WISH) —  U.S. Senator Bernie Sanders is criticizing Indianapolis-based Eli LIlly over the price of its insulin drug, Humalog. Eli Lilly shares briefly hit a seven-month low after Sanders started tweeting about Humalog prices.

Sanders quoted a Washington Post article in a tweet asking why Lilly’s drug price has gone up 700% in twenty years. In the tweet, Sanders blamed corporate greed.

Sanders also released a video talking about the price of insulin and what it means for people who cannot afford it.

“What you have is an incredibly powerful industry, charging whatever price they want and the result of that is that 1 out of 5 Americans can’t afford the medicine that they need. Can you imagine that? They go to the doctor, the doctor writes a prescription, but they go to fill it and they can’t afford to fill it,” said Sanders in the video.

Eli Lilly denied an interview request, but gave this statement to 24-Hour News 8:

“Today’s health care system works well for many people, but those enrolled in high-deductible insurance plans and managing chronic conditions face challenges in gaining reasonable access to the treatments they need. Insulin is one example, and we are committed to doing our part. A permanent solution that gives everyone who uses insulin reasonable access will require leadership and cooperation across many stakeholders, including manufacturers, PBMs, payers, and policymakers.

“That’s because the answer itself isn’t simple. For instance, while the list price for Humalog has gone up, Lilly actually receives a lower average net price now than in 2009. When Lilly released third quarter earnings on October 25, the biggest miss noted was Humalog, whose US revenue fell 14 percent, driven by a 24 percent decline in net price.”

This is not the first time social media had an impact on the stock market. Bernie Sanders tweeted about the price of Ariad’s Leukemia drug earlier this year. Ariad shares dropped after the tweet. Hillary Clinton tweeted about what she called “price gouging” in the drug industry, and the NASDAQ Biotechnology Index dropped nearly 5% in response.

Eli Lilly tweeted a blog post from its CEO about how the company is working to make medicine more affordable for everyone. You can read it here.

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Colder and quiet rest of the week.

A good 20° swing this morning with temperatures in the lower to mid 20s this morning with feel like temperatures in teens. Will be a clear start then brighter heading through the rest of the morning and the afternoon! Sunshine won’t hep us out too much in terms of temperatures today. Day time highs should warm to the upper 30s. Tonight will be cold one with lows in the lower 20s with a partly cloudy sky.

Thursday will another cold one with highs struggling to reach 30°. It’ll still be a bright one with a mostly to partly sunny sky. A slow warming trend will start Friday with highs warming to the upper 30s with a mixture of sun and clouds.

This weekend will be split with a chance of showers arriving late in the day Sunday. Highs will continue to warm to the mid 40s Saturday with a partly sunny sky. Clouds return Sunday with showers later in the evening and overnight. Rain will continue through Monday. Tuesday looks to be a dry day for now then showers should return by mid week with highs in the mid 40s.

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