Pallone Led House Passage of Bill that Caps the Cost of Insulin
Washington, DC – Congressman Frank Pallone, Jr. (NJ-06) today applauded House passage of the Affordable Insulin Now Act. The bill caps out-of-pocket costs for insulin at no more than $35 per month for Medicare Part D and commercial health insurance recipients. It ensures vital and affordable access to this life-saving medication for the millions of people in the United States who depend on insulin. In 2020, it was estimated that 645,000 people in New Jersey have diabetes. As Chairman of the Energy and Commerce Committee, Pallone spearheaded House passage of the bill.
“Today we are providing some much-needed relief to the millions of Americans who rely on insulin for their health and well-being. The Affordable Insulin Now Act makes insulin affordable for Americans who have diabetes by lowering the cost and addressing the vast disparities between what people pay for insulin in other countries as compared to the United States,” Pallone said. “For a drug that was discovered more than a century ago, it is unconscionable that Americans pay more than ten times the price for insulin as those in other similarly high-income countries. It is time for Congress to say enough is enough and prioritize people over pharmaceutical company profits.”
Beginning in 2023, the bill would require private health plans to cover at least one of each type and dosage form of insulin and caps cost-sharing for a 30-day supply at the lesser of $35 or 25 percent of a plan’s negotiated price. The bill would also require all Medicare prescription drug plans to cap cost-sharing for insulin at no more than $35. Among individuals with private insurance, half would save at least $19 per month and a quarter would save at least $42 per month. Individuals who buy their own insurance will see the most savings.
"The high cost of insulin is one of the biggest barriers to living a healthy life with type 1 diabetes. People with type 1 diabetes need insulin to survive, but almost 25% of people have had to ration insulin to make ends meet,” said Dan Bisno, “The Affordable Insulin Now Act would be a huge leap forward in making insulin more accessible.” Dan is a medical student at Rutgers Robert Wood Johnson Medical School and was diagnosed with type 1 diabetes when he was 11 years old.
“Insulin is a lifesaving drug; it is something that type one diabetics would die without. The patent for insulin was originally sold for only $1 so it could be accessible to all, and it is sad to see that the cost has increased so drastically while the drug has barely changed,” said Arianna Gehan. “The millions of Americans who are impacted by this disease are so grateful for Representative Pallone’s continued support of the diabetic community.” Arianna is a student at Stevens Institute of Technology and was diagnosed with type 1 diabetes when she was 11 years old.
Video of Pallone’s remarks on the House Floor is available here.
A fact sheet is available here.
Original source can be found here.
