UPDATE 1-Lilly to cut price of Lispro insulin injection by 40% from Jan. 1

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(Adds details on the prices for those with insurance coverage, background)

Sept 28 (Reuters) - Eli Lilly and Co will lower the list price of its Insulin Lispro Injection in the United States by 40% from Jan. 1, the drugmaker said on Tuesday.

The new list price will be 70% less than the Lispro injection's Humalog U-100 counterparts, Lilly said, reducing costs for those without insurance coverage and those that have not joined the company's affordability programs.

The move would bring down the price of Insulin Lispro Injection to $82.41 for individual vials and $159.12 for a pack of five pens.

Most people using Insulin Lispro Injection are unlikely to see a change in what they pay for their monthly prescription because they have fixed insurance co-pays or already use one of Lilly's affordability programs, it added.

The list price for drugs is not necessarily what patients actually pay, as out-of-pocket costs vary based on the duration of the treatment and individual healthcare plans.

Lilly last year announced a new co-pay scheme that covers most of its insulin products, capping the out-of-pocket cost for insulin to $35 per month.

About one in three prescriptions for Lilly's U-100 mealtime insulin – Lilly's most commonly used insulin formulation – is for Insulin Lispro Injection, the drugmaker said. (Reporting by Manojna Maddipatla in Bengaluru; Editing by Shailesh Kuber)

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