United States President, Joe Biden has again reiterated his administration’s commitment to extending the capping of the cost of insulin in America to every citizen.
Biden, on Sunday in a Twitter post, decries the excessive profit of big pharmaceutical companies. He wrote, “Insulin costs roughly $10 to make, but Big Pharma charges people hundreds of dollars to make record profits.
“My Administration beat Big Pharma to cap the cost of insulin at $35 a month for seniors on Medicare, but our work isn’t done until we extend that cap for everyone.
Biden’s historic Inflation Reduction Act since January capped the cost of insulin for senior citizens on medicare at $35 per month.
Who Does Policy Benefits
The Inflation Reduction Act, which caps cost of insulin is limited to senior citizens with diabetes who are on Medicare. U.S. Department of Health and Human Services 2022 report on the Affordability of Insulin says an estimated four million senior citizens would benefit from the policy.
Eli Lilly, United States’ largest manufacturer of insulin on March 1 that they would lower their list price of insulin by 70% and cap insulin co-pays at $35 for those with commercial health insurance and uninsured patients.
Who is Outside the Policy Cover
The $35 cap on the cost of insulin does not extend to younger Americans who directly purchase their own health insurance or get coverage through an employer. The extender coverage was allegedly stripped off the original by Republicans.
Cost of Insulin the US
A 2020 study by Rand Corporation reveals that the cost of insulin in the US are higher when compared to other countries. Rand researchers reports that drug companies in the US charge more for insulin. In the US, the average list price for a vial of insulin is $98.70. This is higher when compared with Canada, Australia and the UK where average price is $12, less than $7 and less than $8 respectively. According to the American Diabetes Association, between 2002 to 2013, the cost of insulin nearly tripled.
Reactions
President Biden’s Sunday post has generated mixed reactions. While some of those who commented commended the president’s effort, others described the move as self-seeking. His critiques accused him of freezing Trump’s Executive Orders and working to clean up attendant mess after prices have been driven up.
