There’s no doubt that the cost of insulin is increasing. According to the Health Care Cost Institute, between the years 2012 and 2016 gross spending on the prescription drug rose by $2,841 per person. Now one state is doing something to lower the often-hefty price tag that comes with a type 1 diabetes diagnosis. And it just might save lives!
Colorado recently became the first state to put a price cap on private insurance copays for insulin. While it’s not unheard of (actually, it’s pretty common) for a diabetic to pay hundreds of dollars a month to get this life-saving medication, Colorado’s new legislation puts a $100 per month limit on out-of-pocket spending.
View this post on Instagram
Yesterday, our President and CEO @aaronjkowalski, with the assistance of some pretty cute helpers and #T1D champions, rang the @nasdaq closing bell! Thank you, NASDAQ for your partnership and commitment to harnessing innovation and technology so that we can #rewritetomorrow for the T1D community!
According to CBS Denver, Governor Jared Polis (who signed the bill into law) said, “We declare that the days of insulin price gouging are over in Colorado.” Even though the law won’t regulate how much drug manufacturers charge for insulin, it will directly keep costs down for patients.
If you’re wondering just how widespread or serious this issue is, take a look at use stats. According to Yale researchers, more than one-quarter of diabetics report using less insulin than needed due to the prohibitively costly price tag.
While it doesn’t look like the cost of insulin will decrease anytime soon, legislation like Colorado’s can help diabetics to get the life-saving medication they need—without having to go into debt to foot the bill.
Featured photo: Stevepb via Pixabay