TL/DR –
US Senators Jeanne Shaheen and Susan Collins have discussed their bipartisan INSULIN Act, which aims to lower the cost of insulin. Their bill proposes to extend Medicare’s $35-per-month cap on insulin prices to individuals with private insurance, control prescription drug middlemen’s business practices, and simplify the process for new generic and biosimilar drugs entering the market. The senators have also held insulin manufacturers, insurers, and pharmacy benefit managers accountable for the soaring cost of this life-saving insulin, striving to increase awareness of diabetes and improve access to treatment options.
US Senators Shaheen and Collins Advocate Bipartisan INSULIN Act
U.S. Senators Jeanne Shaheen (D-NH) and Susan Collins (R-ME), co-chairs of the Senate Diabetes Caucus, discussed the bipartisan INSULIN Act with the Washington Post’s Health 202 Newsletter. The act is a part of their ongoing efforts to reduce insulin costs.
The senators have been leading efforts to decrease insulin costs, invest in diabetes treatment, and emphasize research. In a joint op-ed, they stressed the need for lower insulin costs and have consistently held insulin manufacturers and insurers accountable for drastically increasing insulin prices.
The full story is available here.
Senators Shaheen and Collins on Insulin Affordability
An increasing number of the over 7 million Americans with diabetes are seeing reduced insulin costs as states, Medicare, and drug companies are implementing price caps.
Senators Shaheen and Collins introduced legislation to extend Medicare’s $35-per-month cap on insulin prices to those with private insurance, control the business practices of drug middlemen, and ease the entry of new generic and biosimilar drugs to the market. The bill details are available for review.
Insulin Affordability and the Role of PBMs
Collins emphasized the need for a comprehensive approach that addresses the role of pharmacy benefit managers (PBMs) in insulin pricing. Shaheen highlighted the importance of allowing biosimilar insulin to the market and addressing the role of PBMs in costly healthcare.
Collins further discussed the broken marketplace where low-priced biosimilars are overlooked by PBMs due to less profit, forcing companies to relaunch at higher prices to be included in formularies.
Challenges and Bipartisan Cooperation
The proposed $35 insulin cap by other senators was addressed, with Collins stating the need to fix the underlying insulin market issues. Shaheen mentioned the support from seven Republican co-sponsors and the possibility of more senators supporting the bill.
Shaheen and Collins highlighted the importance of bipartisanship and trust in lawmaking, emphasizing their combined efforts in addressing a wide range of issues, including insulin affordability.
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