When insulin was first commercially produced by Eli Lilly in 1923 after its discovery at the University of Toronto, what was its initial pricing strategy?

The science and business of pharmaceuticals often intersect in fascinating ways, particularly when groundbreaking medications enter the market. This trivia question explores how a revolutionary scientific advancement was initially priced when it first became commercially available, highlighting the complex relationship between scientific innovation, public health needs, and commercial strategies in the pharmaceutical industry.

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It was initially free, with researchers refusing to profit from a life-saving discovery
The patent was sold to Eli Lilly for $1, with the stipulation that affordable insulin would be made widely available
It was priced at a premium as a luxury good until competitors entered the market a decade later
The government subsidized 100% of production costs, making it available at cost to patients