Here's what you need to know about high insulin prices and the new law.
, and advocacy groups and lawmakers have pushed for years to take action to help consumers. The Inflation Reduction Act places a $35 monthly cap on insulin prices for Medicare patients, providing relief for the 3.3 million beneficiaries who use some form of insulin, according to the“People are paying a lot of money for medication they need to survive.” says Lisa Murdock, chief advocacy officer for the American Diabetes Association.
In 2021, the Senate Finance Committee released a report examining the list price of insulin products by three major manufacturers. They found that one commonly used insulin had increased $101 from just five years earlier, while another saw a $159 increase during the same period.Drug pricing involves multiple stakeholders ranging from manufacturers to pharmacies to health care plans, a complex chain that often makes it difficult to trace the source of the price increases, says Murdock.
However, the bill will not impact the overall price of the drug—just the copay amount—meaning that insulin will continue to be a financial burden for those not covered by Medicare. “It’s reducing the patient out of pocket [cost], but we’re not actually reducing the price that manufacturers charge and receive for their product,” says Chandra.For advocacy groups such as the American Diabetes Association, the new law contains the kind of policy change they’ve pushed for over many years.
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