March 28, 2022
Democrats Eye Plans to Substantially Drop the Price of Insulin
Senate Democrats are proposing legislation to cap insulin prices at $35 a month, after previous attempts to reduce drug prices stalled in Congress. The cap would likely be combined with a bipartisan bill targeting pharmacy middlemen known as pharmacy benefit managers and is a top priority of Sens. Raphael Warnock (GA) and Jeanne Shaheen (NH).
With prices of insulin in the U.S. 7 times those in other countries, the proposed plan could provide financial relief to at least 1 out of 5 insulin users with different types of private health insurance, a new KFF analysis of insurance claims data has found. According to the American Diabetes Association, nearly 1 in 3 people over the age of 65 have Type 1 or Type 2 diabetes.
“We welcome all proposals that bring relief to people facing skyrocketing prescription drug costs,” said Robert Roach, Jr., President of the Alliance. “Of course, allowing Medicare to negotiate lower prices for all prescription drugs remains our number one goal.”