Coalition Applauds Positive Step from the Administration to Lower Insulin Prices, Encourages Additional Action to Hold Drug Companies Accountable

Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) welcomed the announcement of a public-private partnership to help lower insulin prices for Medicare beneficiaries Tuesday. The move from the administration will create Medicare Part D health plans with monthly insulin cost sharing capped at $35 per month.

“No American should be forced to ration their insulin or forgo necessities like groceries or rent in order to afford this life-saving medication,” said CSRxP executive director Lauren Aronson. “The public-private partnership announced by the administration is a welcome step to help deliver relief from Big Pharma’s insulin price-gouging.”

“The three Big Pharma companies that dominate 99 percent of the insulin marketplace have engaged in tactics to undermine competition and worked in lockstep to repeatedly hike prices by more than 700 percent,” Aronson continued. “CSRxP applauds the administration’s commitment to lowering prescription drug prices and looks forward to continuing to work with policymakers, on both sides of the aisle, to advance bipartisan, market-based solutions to hold Big Pharma accountable.”

Big Pharma has repeatedly hiked insulin prices at rates far out-pacing inflation, despite little or no improvement to the life-saving drug. Between 1996 and 2006, the price of insulin increased by 700 percent. And in 2016, the average price per month reached $450, leaving one-in-four American patients prescribed this medication struggling to afford it.

Meanwhile, the three largest manufacturers of insulin – Novo Nordisk, Sanofi and Eli Lilly – have engaged in egregious practices to keep prices rising at the expense of American patients. These brand name drug companies control 99 percent of the marketplace and face little competition to drive down prices.

Read more on bipartisan, market-based solutions to hold Big Pharma accountable HERE.

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