President Biden’s provisions would cap insulin costs at $35 per month and Medicare recipients’ out-of-pocket drug costs to $2,000 a year for some medications, while also allowing Medicare to negotiate certain medication prices with drugmakers.
About 1.5 million Americans have Type 1 diabetes and are paying $375 to $1,000 per month for insulin, according to President Biden.
“I think it’s safe to say that all of us, all of us, whatever our age, wherever we live, we can agree that prescription drugs are outrageously expensive in this country,” he said during a Dec. 6 speech at the White House. “Shame on us as a nation if we can’t do better than this.”
In a Dec. 6 letter to Senators, Senate Majority Leader Chuck Schumer said his goal was to approve the $2 trillion Build Back Better Act by Christmas.
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