A third state moves to cap insulin prices. This one at $50 — the lowest in the US
Virginia is the latest state to pass a bill capping insulin prices, guaranteeing diabetic residents won’t face copays or deductibles higher than $50 for a 30-day supply of the lifesaving medicine.
Illinois and Colorado are the only other states to have capped costs, both opting for $100 max - making Virginia’s proposed rate the lowest by far, Newsweek reported.
The bill, authored by Del. Lee Carter, who has described himself as a socialist on Twitter, passed 88-4 in the General Assembly on March 6 and awaits approval by Gov. Ralph Northam (D).
It initially called for a $30 cap, but was later amended to $50, the Virginia Mercury reported.
“This is aimed at providing relief for folks who have health insurance but still can’t afford their medication,” Carter said during a Senate committee hearing on the bill, Virginia Mercury reported. “And with Medicaid expansion, that’s going to cover a vast swath of Virginia’s population.”
Insulin prices have soared over the last decade, with some tripling in cost, according to Business Insider.
“In 2009, the list price for a 10-milliliter vial of Humalog, a fast-acting insulin made by Eli Lilly, was about $93. Today it costs closer to $275,” according to Business Insider. “Similarly, Novo Nordisk’s fast-acting insulin Novolog cost almost $93 for a 10-milliliter vial in 2009. Today, it costs about $290.”
Many with diabetes have struggled to keep up with those surging costs, turning to black market providers, skipping doses or finding other ways to stretch out what they have, with sometimes deadly results.
Washington state is also trying to pass its own means of controlling insulin costs to consumers, according to the Seattle Times, including a bill calling for the creation of a drug-affordability board, and another bill that would draw the line at $100 per month supply.
This story was originally published March 9, 2020 at 11:10 AM.