As the cost of insulin has risen – average list prices increased 40% from 2014 to 2018 – patients and their families shell out hundreds of dollars a month even when they have good insurance.
Chief Advocacy Officer Lisa Murdock."We think insulin should be affordable at the point of sale for everyone."
The consumer's health plan gets that rebate every month regardless of whether the consumer is paying full-price in the deductible phase or if they are paying a smaller co-insurance amount later in the year. The rest of the year, once the consumer hit their deductible, they would pay about $34 for their insulin each month. Their health plan, after rebates, would pay about $35, giving the manufacturer the same total of $69.
But there are consumers who have reported paying $400 out-of-pocket for a month's supply of insulin after insurance. Rod Regalado is one of them. That’s when his son Matt, then 14, was diagnosed with Type 1 diabetes and Regalado got a crash course in insulin pricing. “The harsh reality is that the cost of insulin is artificially high and ever-escalating,” U.S. Rep. Jeff Fortenberry said in July when he and U.S. Rep. Angie Craig reintroduced their bill. “Matt’s Act makes insulin prices fair for everyone by capping the price at $60 a vial and $20 a vial for those on insurance.”
Acting FDA Commissioner Janet Woodcock called it “a momentous day” for people who depend on insulin. “Biosimilar and interchangeable biosimilar products have the potential to greatly reduce health care costs,” she said.
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