In a display of basic decency that a republiclown could never muster, Illinois’s governor JB Pritzker has signed legislation capping the price of insulin at US$100 per month. Compared to Canada and Mexico, it’s still overpriced, but at least now people won’t have to “ration” it and risk their lives.
The Illinois governor has signed a new law that will cap out of pocket insulin costs at $100 for a 30-day supply.
Diabetes affects approximately 1,300,000 adults in Illinois. People with Type 1 diabetes and some with Type 2 diabetes need insulin, but price hikes make insulin difficult to afford for the uninsured, and those whose coverage requires significant cost sharing, according to a release from Illinois Gov. JB Pritzker’s Office on Jan. 24.
“Health care is a right for all, not a privilege and that is why I am so proud that we created an insulin price cap that successfully puts patients above profit,” according to Gov. JB Pritzker.
According to the British Medical Journal, it costs between US$72 and US$133 to produce a year’s supply of insulin for one person. Not one month, but one year. At US$50 per month, that’s still a 400-500% profit. From Business Insider, 2018:
As prices for diabetes treatments continue to roil consumers, a new study suggests that manufacturers could make both human and analog insulins at low costs and still pocket a profit.
“Anyone with Type 1 diabetes should be able to buy insulin for under $100 per year, including the long-acting forms,” said Andrew Hill, a study co-author and senior visiting research fellow at the University of Liverpool. “Pharmaceutical companies cannot justify charging governments $532 per person per year in the U.K. and $1,251 in the U.S., let alone similar amounts in low- and middle-income countries.”