We have posted before that insulin is one of the most expensive liquids in the world. Here’s why.
Insulin price gouging has become a national problem. It seems that almost any food-related issue is being addressed with new products and claims. Insulin pricing is no different. Whether you’re talking about kids, obesity, or the cost of insulin, there is more than one reason why the pricing has not been more efficient. Here are some factors that may be contributing to increased pricing:
- Nationalization of the Medicare program – When Medicare was nationalized, it forced manufacturers to increase the price of insulin, starting at a base level and gradually increasing it per month. Initially, diabetic patients could not afford this price increase because it was so high. Insulin price gouging became a real problem for these patients. The result – price gouging lawsuits against pharmaceutical companies that generated millions of dollars in kickbacks from the suppliers. The result – the Food and Drug Administration proposed a law that would regulate the production of diabetes medications in the same way it regulates other drugs that are similar to insulin.
- Increases in obesity and Type II diabetes – Over the last ten years, the number of obese people has more than quadrupled in the United States. This increase in diabetes and obesity has also increased the amount of money being spent on diabetes drugs by American consumers. As a result, insulin prices have tripled in the last decade in the United States.
- Biologic Drugs vs. generic drugs – Biologic drugs are considered more effective than generic drugs. That is why they are more expensive. Biologic drugs must first go through the approval process before they can be sold to the public. Therefore, Biologic drugs are more expensive than other forms of medication.
- ca | insulin price | executive orders} * ca resistance/type 1 diabetes vs. normal/high insulin levels – CCJAs are a serious and growing health concern in the United States. A person with CCJA can not only lose their ability to process glucose, but they can also damage their pancreas. As a result, their blood sugar level can rise too high, which can result in very serious medical problems. Many scientists believe that increasing the insulin price for colas will help to slow the rise in type 1 diabetes cases in the U.S.
- Medicare and Medicaid – One of the ways the medical industry keeps the cost of medications down for people with type 1 diabetes is through Medicare and Medicaid. The government provides coverage to people with Medicare and allows Medicaid to cover the costs of certain types of medical treatments for people with disabilities. In order to qualify for either of these programs, you must meet certain income requirements. Although Medicaid offers a monthly benefit check to assist with medical expenses, the vast majority of individuals who use this program do not meet their monthly income requirements. Many Americans with diabetes are unable to meet the financial requirements needed to purchase Medicare or Medicaid coverage.
Insulin price increases have resulted in many diabetics unable to afford the necessary medication to control their disease. Insulin injections increase blood glucose levels, which can cause further health issues. If you are an American with diabetes and are struggling to pay your monthly insurance bills, there are legal actions that you can take.
Insulin America, a diabetes-information resource, offers free resources for families and individuals with diabetes to help reduce monthly out-of-pocket expenses.