Who will pay the balance of the insulin price cap? Everyone else.

Senate Democrats are trying to control the price of insulin through their welfare spending bill that will raise $739 billion in tax revenue.

the 100 year old drug it has tripled in price in the last two decades, forcing diabetics to pay thousands of dollars a year or ration supplies.

And capping the price of insulin may continue to rise as more Americans use the treatment.

Senate Majority Leader Chuck Schumer

Senate Majority Leader Chuck Schumer (DN.Y.) speaks to reporters during a news conference at the US Capitol on July 28, 2022 in Washington, DC (Photo by Drew Angerer /GettyImages) ((Photo by Drew Angerer/Getty Images)/Getty Images)

A Congressional Budget Office Analysis of a bill proposed earlier this year found that an insulin cap would cost an estimated $23 billion over the next decade and increase government costs and the premiums charged by Medicare and private insurers.

SCHUMER CALLS ‘WRONG’ ECONOMISTS WHO WARN MANCHIN’S SPENDING PROJECT WILL INCREASE INFLATION

According to the American Diabetes Association, about 11% of Americans are living with diabetes. Of these, approximately 8.4 million use insulin, and for one million of them, the drug saves their lives.

“People need insulin, it’s not an option, and no one should have to decide between life-sustaining drugs or food and rent,” Dr. Robert Gabbay, scientific and medical director of the American Diabetes Association, told the Associated Press.

insulin democrats spending bill price cap

Insulin is on display at Pucci’s Pharmacy in Sacramento, California on July 8, 2022. ((AP Photo/Rich Pedroncelli, File)/AP Images)

The cost of insulin varies depending on health coverage.

People with private health insurance could potentially pay hundreds of dollars a month. Most Medicare beneficiaries pay $54 per prescription. Others live in one of 22 states where the copay for a 30-day supply has been capped at between $25 and $100, according to the Associated Press.

Eli Lilly, Novo Nordisck and Sanofi are the only insulin manufacturers, allowing them to control much of the market.

Heart Security Latest Change Change %
LLY ELI LILLY & CO. 301.34 -4.45 -1.46%
NGO NOVO NORDISK A/S 103.22 -1.32 -1.26%
COURT SANOFI 49.71 +0.53 +1.08%

“Historically, they have been increasing the list prices of their respective products at the same time,” Dr. Jing Luo, a professor of medicine at the University of Pittsburgh, told the Associated Press. “There hasn’t been a lot of pressure on prices.”

Joe Manchin Chuck Schumer Senate

US Senate Minority Leader Chuck Schumer (DN.Y.) and Sen. Joe Manchin (DW.V.) announced agreement on the bill last week. (Reuters/Jonathan Ernst/Reuters)

A generic drug for insulin has not yet been produced due to regulatory hurdles and doubts about drug classification, according to Luo.

OVER 230 ECONOMISTS WARN MANCHIN SPENDING PROJECT WILL PERPETUATE INFLATION

Multiple attempts to lower the price of insulin have failed in the Senate. Democrats previously tried to cap the price of insulin at $35 in the Build Back Better bill. More recently, Sens. Jeanne Shaheen and Susan Collins they are co-sponsoring a bill to reduce the cost of insulin to $35 per month.

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“If your health insurance company voluntarily says that no one who buys insulin on our plan will have to pay more than $25, the question is who is paying the balance of that?” Luo told the Associated Press. “That means your cost will go up, which means everyone’s premiums will go up.”

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