WASHINGTON, DC – March, 2023 – Three pharmaceutical companies, that manufacture 90% of the world’s insulin, have cut insulin prices. These new insulin price controls come after a recent surge in interest about the cost of insulin tripling over the past 20 years and being 10 times more than the average price in other countries. The drugmakers have been under pressure from patients, patient advocates, and elected officials to keep insulin affordable. The Inflation Reduction Act of 2022, has capped the monthly insulin prices for Medicare Part D beneficiaries at $35 for eligible seniors, disabled people, and persons with chronic disease. However, persons younger than 65 were excluded from the cost savings. Therefore, at his 2023 State of the Union address in February, President Biden proposed that Congress pass a bill to cap the monthly cost of insulin at $35 for everyone.
By March, the 3 companies responded with insulin price cuts on some of their products and 2 of the 3 with a $35 monthly cap. The U.S. drugmaker Eli Lilly will begin price cuts and a monthly cap later this year. Novo Nordisk, a Danish company, will cut prices beginning in 2024. Sanofi, a Paris-based company, announced price cuts and a monthly cap starting in 2024. Patients with high deductible health insurance and without health insurance will save a lot of money because they frequently pay the list price. However, there is no guarantee that the drug companies will not raise their insulin prices in the future.
According to the American Diabetes Association, between 8 and 9 million Americans need insulin to control their blood sugar. However, more than 1.3 million adults either skipped or had to ration doses because of the high cost. Therefore, this new policy will reduce the financial barrier to obtain these life-saving medicines.
About 37 million Americans, more than 11% of the population, have diabetes, a chronic disease. If left untreated, the blood glucose level becomes too high leading to short-term problems (like frequent urination, blurred vision and fatigue) and long-term problems (like heart disease, kidney disease, blindness, frequent infections, and nerve damage). Insulin, a hormone produced in the pancreas, regulates the amount of glucose in the blood and, indirectly, controls the amount of energy available. People with type 1 diabetes produce little or no insulin and must take this medicine every day. Some people with type 2 diabetes require insulin.
The price of insulin is not the only cost in managing diabetes. Diabetics who need insulin will also have to pay for other supplies like insulin pumps, testing strips, and continuous glucose monitors. The cost for these supplies can approach almost $10 thousand dollars a year, even with private health insurance.
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Contact: Dr. Dick Needleman, Health reporter, 103.3 AshevilleFM, [email protected]
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