Diabetes treatment costs continue to skyrocket
Consumers bear the burden for diabetes costs
The global cost of diabetes is expected to hit $850 billion for 2017, according to a new report from the International Diabetes Federation (IDF). Yes, that’s billion. This represents 12 percent of all global health expenditures.
The Foundation says costs will continue to increase – even the most conservative estimates predict costs to hit $958 billion by 2045.
This makes recent reports of potential collusion and anti-competitive business practices by drug companies even more troubling. Insulin costs have spiked 240 percent, Kaiser Health News reported.
One of every 11 adults in the United State has the disease. According to the American Diabetes Association, people with diabetes have medical expenditures about 2.3 times higher than those who do not have diabetes.
Real costs for consumers
Anne Cloward saw her diabetes medication jump from $50 a month to $250. When the doctor wrote a new prescription, she faced paying $1,032 for a three-month supply. Cloward tells Voices for Affordable Health she was fortunate she could shop around and find a lower-cost option.
How have high prescription costs affected you?
Source: International Diabetes Federation. IDF Diabetes Atlas, 7th edn. Brussels, Belgium:
International Diabetes Federation, 2015. http://www.diabetesatlas.org