Below are five things to know about insulin costs.
1. The price of insulin tripled between 2002 and 2013, according to a study published in a recent issue of JAMA.
2. Insulin has become increasingly expensive due to a lack of competition amongst drug manufacturers in the market, a scarcity of generic or biosimilar alternatives and a dearth of price transparency initiatives.
3. In the U.S., only three pharmaceutical companies hold patents that allow them to manufacture insulin: Eli Lilly, Sanofi and Novo Nordisk. All three have raised their prices for insulin in the last five years by 168 percent to 325 percent, according to the article.
4. The rise of high deductible health plans has contributed to the increase of diabetics who can’t afford treatment. As patients shoulder more of the financial burden for healthcare services, insulin treatment has become unaffordable even for those with insurance coverage who cannot meet their large deductibles.
5. Because of the rising costs of insulin, “some of my patients have to make the choice between rent or insulin,” Bismruta Misra, MD, an endocrinologist with Stamford (Conn.) Health Medical Group told NH Register. “So they spread out taking insulin (injecting it less frequently than a physician has prescribed) or don’t take it.” This results in patients ending up in the emergency room, where medical care is more expensive.
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