Colorado has become the first state to cap the price on insulin, so that diabetics will not have to pay more than $100 a month for the life saving drug.
People who are diabetic need insulin in order to control their blood sugar levels. Without it, the outcome can be fatal. Sadly, many people are forced to pay between $600 to $900 a month for the drug, which is supposed to be administered daily. This often results in underuse, due to the high prices.
Governor Jared Polis signed the bill into law on Wednesday. He said, “Today, we will declare that the days of insulin price gouging are over in Colorado.”
— Amer. Diabetes Assn. (@AmDiabetesAssn) May 22, 2019
Polis also tweeted, “With essentially no change in the product, insulin prices have inexplicably gone up 1000% in the last 25 years. We’re fighting back against the skyrocketing price of insulin by putting a $100 cap on a one month supply of insulin.”
According to the Healthcare Cost Institute, insulin prices for people with Type 1 and Type 2 diabetes has doubled since 2012. “Insulin prices rose by forty-five percent between 2014 and 2017, and over the last fourteen years, the price of insulin has risen by five hundred fifty-five percent, adjusted for inflation,” the bill states.
With essentially no change in the product, insulin prices have inexplicably gone up 1000% in the last 25 years. We’re fighting back against the skyrocketing price of insulin by putting a $100 cap on a one month supply of insulin. pic.twitter.com/GMbYkgdF9K
— Jared Polis (@GovofCO) May 22, 2019
The new law also requires Attorney General Phil Wiser to investigate the past price increases of insulin and the companies that make the medications. Roberts said the investigation could help other states in their push to cap prices on co-pays. He also said it could be the tip of the iceberg when it comes to one day assuring other drug manufacturers do not inflate prices to unreasonable levels.
While I do not believe in universal healthcare, like Bernie Sanders and Alexandria Ocasio-Cortez, I do believe that the prices should be fair and affordable. The is absolutely no practical reason for price gouging in healthcare.