March 14, 2022
Generic Drug Manufacturer Announces Plans for Low-Cost Insulin
Uninsured and underinsured Americans often pay the highest out-of-pocket costs for their medicine, forcing many to choose between purchasing the medicine they need and covering essential living expenses. However, the country’s first not-for-profit generic pharmaceutical company unveiled a plan to reverse the trend of drug price-gouging that has become so rampant in the industry.
The generic drugmaker Civica Rx has announced intentions to produce and distribute its own affordable insulin at prices far lower than the industry average. Insulin prices have become a widely debated issue, with an estimated one in four Americans who suffer from diabetes choosing between rationing or skipping doses due to cost.
Civica will produce three generic insulins with a recommended price of no more than $30 per vial and no more than $55 for five pre-filled pens. The generic drugs are biologically interchangeable with the name-brand insulins that traditionally sell for over $300 a vial.
All three of Civica’s insulins will be available to all Americans at one low, transparent price based on the cost of development, production and distribution. The medication will be produced at a new manufacturing facility in Virginia, with the first doses set to be available by early 2024, pending FDA approval.
In related action, Senate Democrats are also reviving their plans to limit the cost of insulin and other medications. Several proposed bills aim to cap insulin costs at $35 a month.
“For years, as millions of Americans struggle to pay for insulin, drug companies raked in outrageous profits,” said Executive Director Fiesta. “We hope that the new generic vials will help make insulin affordable and available to all who need it. However, it is no substitute for real and comprehensive legislation to bring down the price of all prescription drugs.”