Endocrine Society Makes Recommendations to Reduce Insulin Prices
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More than 34 million Americans have diabetes, and another 88 million are at risk for developing the disease. The cost of insulin has nearly tripled in the past 15 years, and a lack of transparency in the drug supply chain has made it challenging to identify and address the causes of soaring costs. Federal law currently prohibits Medicare, which accounts for a third of all drug spending, from negotiating directly with pharmaceutical companies over drug prices. Legislation empowering the government to negotiate lower insulin prices could save billions and provide more benefits to Medicare beneficiaries.
“Inventors Frederick Banting and Charles Best sold the insulin patent for a mere $1 in the 1920’s because they wanted their discovery to save lives and for insulin to be affordable and accessible to everyone who needed it,” says Endocrine Society president-elect Carol Wysham, MD, of the Rockwood/MultiCare Health Systems in Spokane, Wash. “People with diabetes without full insurance are often paying increasing out-of-pocket costs for insulin resulting in many rationing their medication or skipping lifesaving doses altogether.”
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