Insulin Prices Drop: A Win for Diabetes Care
If you’ve been worried about the rising costs of health care, here’s some good news: Sanofi, a major insulin manufacturer, has put a cap on prices, making it more affordable for many Americans with diabetes.
Starting this year, most patients only need to pay $35 for their monthly insulin supply.
The high cost of insulin has been a growing concern, with the cost of the drug tripling over the past decade. Some people have even skipped doses or rationed their insulin because of the high cost.
There are several reasons why prices are now dropping. In 2022, the Inflation Reduction Act capped insulin costs at $35 monthly for Medicare patients. Then, in February of 2023, President Biden called upon pharmaceutical companies to extend the cap to all Americans. On top of that, companies must pay Medicaid rebates based on just how much their drug’s price has increased compared to inflation – meaning some of these insulin manufacturers would pay hundreds of millions of dollars. There are also new competitors on the market, which increases the pressure to cut costs.
Does this price cut make a difference for you? Or are costs still too high? Share your story with us here.