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Colorado has become the first state in the United States to limit the share of insulin. For diabetics benefiting from private insurance who rely on insulin to control their blood sugar levels, the move will alleviate their financial costs.
Governor Jared Polis (D), May 22, signed a bill to limit to $ 100 the amount that patients are required to pay for their insulin-based drugs, which will apply to private insureds .
"We are going to declare that insulin gouging prices are over in Colorado," Polis said on May 22 during a signing ceremony, according to CBS Denver.
"With virtually no change in the product, insulin prices have inexplicably increased by 1,000% over the last 25 years," wrote Polis in a statement.
"We oppose the price of insulin that skyrockets by setting a $ 100 cap on a month's supply of insulin."
The price of insulin having hardly changed, insulin prices have inexplicably increased by 1000% over the past 25 years. We oppose the surge in insulin prices by capping the one-month insulin supply at $ 100. pic.twitter.com/GMbYkgdF9K
– Jared Polis (@GovofCO) May 22, 2019
The law will come into force in January 2020. Although it caps the price paid by patients, it will not impose any limit on what insurance companies charge insulin manufacturers. Insurers are expected to pay the difference, the Denver Post reported.
The new law will also require that Attorney General, Phil Weiser, investigate why insulin prices have risen dramatically in recent years. Its conclusions are expected to be published in November 2020.
The bill was sponsored by state representative, Dylan Roberts (D), who had lost his brother, Murphy, to diabetes, according to the Associated Press.
The cost of insulin "rising"
Many people pay between $ 600 and $ 900 a month as a share for insulin, according to CBS Denver. For those whose health care coverage involves significant cost sharing, the costs borne by them increase up to $ 1,000, the Denver Post reported.
The price paid by patients with type 1 diabetes and type 2 insulin has doubled from 2012 to 2016 in the United States, according to the Health Care Cost Institute.
A report from representatives Tom Reed (R-N.Y.) And Diana DeGette (D-Colo.) Found the same thing. They said the price of insulin had "skyrocketed," having doubled since 2012, after almost tripling in the previous 10 years.
"We care about the 7.5 million Americans who rely on insulin to manage their blood sugar and prevent debilitating complications every day," Reed and DeGette said in a statement released in November.
"Many can not do without it, but countless patients struggle to afford it. While their costs to support continue to increase, the current system unfairly puts insulin out of reach, thus endangering millions of lives. "
Colorado has just become the first state to cap #insulin co-pays at $ 100 a month. It's great! Many thanks to our advocacy team, #Diabetes Lawyers, Governor Jared Polis, Representative Dylan Roberts and Senators Kevin Priola and Kerry Donovan! pic.twitter.com/plyNYdZRhm
– Bitter. Diabetes Assn. (@AmDiabetesAssn) May 22, 2019
According to Reed and DeGette, the market for insulin-based medicines is complex and involves drug manufacturers, wholesalers, pharmacies, drug benefit managers and health insurers.
Many factors affect the current price of the drug and, from there, supply chain intermediaries face incentives that further increase the price of insulin.
In the meantime, there are relatively few downward forces keeping the price under control, Reed and DeGette have found.
"In the United States, insulin is manufactured by only three companies, while three large wholesalers control about 85% of the drug distribution market," they said in a statement.
About 1.2 million Americans have type 1 diabetes, a chronic condition in which the pancreas stops producing insulin. Type 2 diabetes, a growing problem related to the obesity epidemic, is far more prevalent and affects nearly 30 million people in the United States, according to the American Diabetes Association.
Although type 2 diabetes is treated with various other drugs, these patients may also become dependent on insulin as the disease progresses.
Reuters contributed to this report.
From the time of the time
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