Americans currently face an average price of $98.70 for a unit of insulin — 10 times higher than in other wealthy nations. One in four Americans who rely on insulin has been forced to ration doses due to high prices, a last resort with potentially fatal consequences.
The Affordable Insulin Now Act, passed by the U.S. House on Thursday, caps out-of-pocket costs for insulin at no more than $35 per month in Medicare Part D and commercial health insurance. The legislation ensures vital and affordable access to life-saving medication for the more than 37 million people in the United States who have diabetes, including one-third of Medicare beneficiaries and the over 7 million Americans who rely on insulin to maintain their health and well-being.
“I am proud to support the Affordable Insulin Now Act, which will cap the cost of insulin and lower drug prices for people across Virginia. There is no reason why Coastal Virginians pay more than 10 times the price of insulin compared to other countries, and I will continue to lead the ongoing fight to lower the costs of prescription drugs,” Rep. Elaine Luria (D-VA-02) said.
The Affordable Insulin Now Act will require private health insurance plans to cover insulin, limiting monthly cost-sharing to $35 or 25 percent of a plan’s negotiated price – whichever is lower. It also requires Medicare prescription drug plans to limit cost-sharing for insulin to $35 per month.
This legislation comes as House Democrats continue working to advance comprehensive reform addressing the high cost of prescription drugs.
“Today in the richest country on earth, Americans ration insulin – a drug they need to live – because they cannot afford it,” Rep. Don Beyer (D-VA-08) said. “Insulin has existed for decades and costs a fraction of its selling price to make, but the costs have risen sharply to the point that it is literally killing people. Today Democrats took action to ensure that insulin is affordable for those who need it, at a cost of no more than $35 per month. This is an important step to lower health costs for the American people, and we remain focused on passing more legislation to address drug prices.”
“Too many Virginians face undue financial burdens from the astronomical cost of insulin,” said Rep. A. Donald McEachin (D-VA-04). “Americans are paying more than ten times what consumers around the world pay for insulin. No one should have to choose between purchasing their medication or putting food on the table, which is why I am proud to support the Affordable Insulin Act Now to cap out-of-pocket costs at $35 per month. This is an important step in lowering the cost of prescription drugs, and I will continue working to ensure all Virginians can afford their medications.”
Read H.R. 6833, the Affordable Insulin Now Act, bill text and fact sheet.
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