US: Twitter prank spurs unexpected scrutiny of high insulin prices

A Twitter imposter cost a US pharmaceutical giant billions of dollars, but the viral prank triggered another unexpected crisis — a new wave of scrutiny of the high cost of its insulin.

Authentic-looking fake accounts proliferated last week after Twitter rolled out a paid verification service, the latest in a string of chaotic developments since Elon Musk's blockbuster $44 billion buyout of the influential platform.

Among the victims was drug-maker Eli Lilly, whose stock price nosedived — erasing billions in market capitalisation — after a parody account stamped with a verification tag purchased for $8 tweeted that insulin was being made available for free.

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The company was forced to issue an apology for the "misleading message from a fake Lily account," but the disinformation stirred fresh attention to a long-festering debate about high insulin prices.

"What you should *actually* apologize for is price gouging life-saving insulin," tweeted Chicago-based human rights lawyer Qasim Rashid.

"People are dying because of your greed [and] cruelty. Apologize for that."

Gaining traction alongside such comments was a cartoon meme with a half-elephant, half-human character riling up people to be more upset about the price of insulin than the price of gas.

"Fake Eli Lilly might be offering something closer to truth than real Eli Lilly," Peter Maybarduk, from the non-profit Public Citizen, told AFP.

"Parody is successful when it reveals embarrassing and widely-understood truth."

In recent decades, insulin prices have soared in the United States, costing eight times more than in 32 comparable high-income countries, according to a 2020 Rand Corporation study.

A survey released in October by the non-profit T1International showed that one in every four respondents living with diabetes reported rationing their insulin because of the financial strain.

On Monday, which marks World Diabetes Day, dozens of advocacy groups (including Public Citizen) sent a letter to Congress demanding a stop to what they called insulin price-gouging.

"There's no defence for Eli Lilly's abusive insulin pricing," said Maybarduk.

"It's long past time we provide access to insulin for all, and yes — it should be free," he added.

The backlash against Eli Lilly showcased the real-life potential of online disinformation to trigger chaos and financial loss. The company's stock price has marginally recovered since last week's drop.

However, in this rare instance, it brought to the fore a much-ignored public health issue.