One in four patients say that they ration their insulin because they can’t afford it.
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How Has the Government Impacted Insulin Prices?
Verywell / Lara Antal
He also mentioned lowering theprices of prescription medication.
What Factors Impact Treatment Costs for Diabetes?
People with diabetes have over two times thehealthcare costsof Americans who don’t have this condition.
On average, the medical costs related to diabetes can reach over $9,500 per year.
One of the most influential factors driving that difference is the cost of insulin.
How much people pay out of pocket for insulin depends on many variables.
How much and whattypes of medicationan individual needs can also impact cost.
Each pen pack is equivalent to about one and a half vials.
Prices are too high, Redmond says.
Not just for insulin but for most diabetes medications.
All of it is still insanely expensive.
What Is the Cost of Insulin With Insurance?
About 20% are insured through Medicaid, and 14% are insured through Medicare.
Approximately 7% of Americans purchase health insurance on their own.
About 9% of Americans remain uninsured.
Diabetes is considered apre-existing condition, which is a condition you have prior to applying for health insurance.
Still, having insurance doesn’t mean insulin is affordable.
Redmond says that cost could range from $30 to $50.
This could mean thousands of dollars out of pocket.
Many patients just have a problem paying that much, says Redmond.
How Have Drug Companies Responded to Criticism?
Pharmaceutical companies have responded to criticism about high prices.
For example, some companies offer discount cards.
However, Redmond explains that doesn’t help every patient.
Some drug companies haveassistance programsfor individuals with low-income.
Many insulin makers created programs in response to COVID-19.
Check with your insulin manufacturer to see if you qualify for a patient assistance program.
If you aren’t eligible for these programs, talk to your healthcare provider or CDCES about other options.
Why Is Insulin More Expensive in America?
Three pharmaceutical companiesNovo Nordisk, Sanofi-Aventis, and Eli Lillycontrol the market.
Observers have noticed that the big three tend to mirror each others insulin price increases.
When one raises prices, the others quickly follow.
Feldman says the companies have become adept at whats called evergreening.
Evergreening involves various techniques to extend protection on a drug and block competition that can reduce prices."
Evergreening includes both patent and non-patent rights exclusivities that shut out other drug makers from the insulin marketplace.
Many brand name drugs have agenericthat becomes the preferred, cheaper alternative.
Biosimilars must go through a specific approval pathway.
The original brand name insulins went through the drug pathway rather than the biologic pathway.
This meant competitors could not introduce a biosimilar insulin.
We’ve known about it for a long time.
Patients shouldnt be paying through the nose for it now a hundred years later.
Its a huge impact, says Feldman.
Because automatic substitution is the way that generic drugs traditionally make inroads in the market and bring prices down.
Feldman says that historically, that doesnt happen.
Additionally, intermediaries along the insulin supply-chain can drive up costs or keep new drugs from gaining a foothold.
The bottom line is that the three-company monopoly is hurting people with diabetes.
Insulin is a very old drug, says Feldman.
We’ve known about it for a long time.
Patients shouldnt be paying through the nose for it now a hundred years later.
Summary
Insulin prices have gone up significantly over the past decade.
However, the government has responded in an attempt to make this medication more accessible.
Treatment costs for those with diabetes are greatly impacted by the price of insulin.
This is largely driven by the three major companies that produce it.
Insurance plan details can also impact the price an individual pays for their medication.
Individuals may use about two vials of insulin or one or two packs of insulin pens per month.
Cost may vary but a copay may range from $30 to over $50.
For the most recent updates on Covid-19, visit ourcoronavirus news page.
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