“Between 2014 and 2019, the list price of certain types of insulin increased upward of 50%, or more than $500 per unit of insulin.
“Warnock has proposed a solution to combating insulin deserts: A $35 per month cap on insulin products for both individuals with private insurance plans and those who are uninsured. He introduced the bipartisan Affordable Insulin Now Act of 2023 with Kennedy earlier this year. The legislation would help nearly 2.5 million Americans who have private insurance and use insulin.”
Passing this bipartisan legislation requires Congress to resist the power and overcome the dominance of Big Pharma and the US medical industrial complex. Medical costs need to come down across the board – for patients and the nation.
“The bill, signed on July 16, limits the cost of insulin to $35 per month for seniors enrolled in Medicare Part D starting in 2023. That does not apply to patients covered by private health insurance.”
“The insulin supply chain is complex and comprised of drug and device manufacturers, wholesalers, pharmacy benefit managers (PBMs), pharmacies, and health plans. 9 The market for insulin is dominated by three pharmaceutical companies – Novo Nordisk, Eli Lilly, and Sanofi – who set the initial price of insulin. These three companies are the sole suppliers of insulin in the United States and make up approximately 90 percent of the global market. 10 Thus, lack of competition is one major contributor to high insulin prices.”