By Griffin Brammer, Show Manager
The pharmaceutical companies Sanofi, Eli Lilly and Novo Nordisk have implemented several measures in the U.S. to cap the price of insulin for citizens with diabetes after federal intervention.
French pharmaceutical company Sanofi announced this past Thursday that it will join competitors Eli Lilly and Novo Nordisk in lowering the price of insulin for those with private insurance. This act would lower the price of Lantus, its most popular insulin, to $35.
These three companies produce 90% of all insulin in the U.S. market.
The actions of the three conglomerates follow the Biden administration’s Inflation Reduction Act from August 2022. The act sought to set the price of insulin for seniors with Medicare.
During his State of the Union address in February, President Joe Biden called for companies to curb the price of insulin for all ages.
“For… the 200,000 young people with Type 1 diabetes, let’s cap the cost of insulin at $35 a month so everyone can afford it,” Biden said. “And drug companies will do very, very well.”
Sanofi’s act will be fully implemented by the beginning of 2024. Until then, Sanofi already offers the $35 price cap to those who are not insured.
Junior nursing major Madeline Cutinello reflected on how working in healthcare has given her a realistic perspective of the effect insulin prices have on patients.
“Clinicals are a very eye-opening experience,” she said. “As I’ve seen, patients have the potential to be denied their insulin, and that obviously leads to poor outcomes for these patients.”
Representative Greg Landsman (D-Ohio) introduced his first bill this past Wednesday to help lower the cost of insulin for children.
The Making Insulin Affordable for All Children Act aims to ensure all people ages 26 and under with private insurance would have their insulin prices limited to $35 dollars as well.
“Insulin is a lifesaving medication, but every day in our country families are forced to make drastic financial decisions just to ensure their child with diabetes has what they need to survive,” Landsman said.
Landsman hosted a town hall event in East Westwood on Saturday, where he talked more about his proposed bill.
“I believe there’s always common ground to be found between Republicans and Democrats when we talk about investing in children and making sure children have everything they need to do well,” he said. “And capping the cost of insulin for children is one of those things that I think we’re going to find common ground on.”
Cutinello, also a Type 1 diabetic, praises the proposed bill from Landsman.
“I think it’s wonderful. Considering us diabetics are dependent on it, we shouldn’t have to pay our life’s fortunes just for a month’s supply of it. It is a significant chunk of our incomes,” she said.
She also reflected on the effect this could have for diabetic college students as they begin their careers after graduation.
“This can help young adults as they come into their own and learn their finances without having to lose a chunk of their income to their disability,” she added.
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