With this series we will bring you the latest news in insulin affordability. This week we cover the Endocrine Society's recent position statement and a Senate report on insulin pricing.
The Endocrine Society recently published a position statement advocating for federal legislation to combat the rising price of insulin. The position statement outlines ways that the federal government can address insulin access, including government negotiation of drug prices, limiting price increases, eliminating rebates, updated Medicare payment models, and expedited approval of insulin biosimilars.
Why it matters: Insulin prices nearly doubled between 2021 and 2016 and continue to rise. The average annual insulin cost for a person with diabetes is $6,000. Federal and state-level policymakers need to find ways to make insulin more affordable and the Endocrine Society position statement is a promising start.
The Senate Committee on Finance released findings from a two-year investigation on the role of insulin manufacturers and pharmacy benefit managers (PBMs) in the rising cost of insulin. The Committee reported that insulin prices are a result of cooperation between the two sectors. Insulin manufacturers and PBMs are refuting the report.
Why it matters: Insulin manufacturers and PBMs, among other stakeholders, benefit from high insulin prices. However, many people with diabetes need insulin to survive and cannot afford it. Policymakers are beginning to understand the illogical process of insulin pricing and we hope to see insulin manufacturers and PBMs held accountable.