Who will pay the balance for the maximum insulin prices? anyone else.
Senate Democrats are trying to rein in the price of insulin with a social spending bill that will raise $739 billion in tax revenue.
The price of the 100-year-old drug has tripled in the past two decades, forcing diabetics to pay thousands of dollars a year or rations.
And the price of insulin may continue to rise as more Americans use the treatment.
A Congressional Budget Office analysis of a bill proposed earlier this year found that the insulin cap would cost about $23 billion over the next decade and increase government costs and premiums charged by Medicare and private insurance companies.
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According to the American Diabetes Association, about 11% of Americans live with diabetes. Of those, nearly 8.4 million use insulin — and for a million of them, the drug saves their lives.
“People need insulin, which is not an option and no one should decide between life-sustaining drugs or food and rent,” Dr. Robert Gabbai, chief scientific and medical officer of the American Diabetes Association, told The Associated Press.
The cost of insulin varies by health care coverage.
People with private health insurance can pay hundreds of dollars a month. Most Medicare beneficiaries pay $54 per prescription. Others live in one of the 22 states where the maximum joint payment for a 30-day supply has been set between $25 and $100, according to the Associated Press.
Eli Lilly, Novo Nordisck, and Sanofi are the only insulin manufacturers – allowing them to control a significant portion of the market.
|ribbon||protection||else||they change||they change %|
|LLY||ELI LILLY & CO.||301.34||-4.45||-1.46%|
|NVO||NOVO NORDISK A / S||103.22||-1.32||-1.26%|
“Historically they have raised their own menu prices with each other,” Dr. Jing Lu, a professor of medicine at the University of Pittsburgh, told The Associated Press. “There hasn’t been a lot of pricing pressure.”
A generic insulin drug has yet to be produced due to regulatory hurdles and questions about drug classification, according to Lu.
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Multiple attempts to lower the price of insulin in the Senate have failed. Democrats previously tried to price insulin at $35 in the Build Back Better bill. Recently, Senators Jane Shaheen and Susan Collins co-sponsored a bill to reduce the cost of insulin at $35 per month.
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“If your health insurance company says, voluntarily, that no one who buys the insulin in our plan will have to pay more than $25, the question is who pays the remaining balance?” Lu told the Associated Press. “This then means that its cost will go up, which means it will increase the premiums for everyone.”