GOP Kills Biden Insulin Bill As Costs Soar. US $ More Than All Rich Nations. Diabetics Dismay

- The Guardian, Aug. 12, 2022. Ed. - Cost of the life-saving drug will remain many times higher than in other affluent countries after Republicans defeated the measure. -

During the Covid-19 pandemic, Erin Connelly had to ration insulin while transitioning to a different health insurance plan. When Connelly heard the Biden administration was planning to cap the price of the life-saving drug, she was delighted. She was soon to be disappointed.

The price of insulin has soared in the US in recent decades and is more than 8 times higher in the US than in 32 comparable, high-income nations, according to a Rand Corporation study. *The average US list price of insulin is $98.70 per unit, compared with $7.52 in the UK. Insulin sales in the US account for nearly half the pharmaceutical industry’s insulin revenue, though the US makes up only about 15% of the global market.

Many diabetics require several vials of insulin a month, in addition to the costs of medical supplies and monitoring equipment. A 2022 study by CharityRx found 79% of Americans with diabetes or who care for someone with diabetes reported taking on credit card debt to pay for insulin, with an average debt of $9,000.
One in 4 Americans reported rationing insulin due to the high costs, which can be fatal.

As part of the Inflation Reduction Act passed in the Senate this week, the Biden administration proposed a $35 monthly cap on the cost of insulin in the private market. But the proposal was blocked by Republicans. Connelly, a type 1 diabetic from Illinois who was diagnosed at the age of 33, said she was “devastated.”... https://www.theguardian.com/society/2022/aug/12/insulin-bill-price-cap-republicans-vote-against