CSRXP: SENATE FINANCE REPORT HIGHLIGHTS BIG PHARMA’S EGREGIOUS PRACTICES THAT RAISE INSULIN PRICES

Bipartisan Investigation Details How Drug Companies Work in Tandem to Hike Life-Saving Insulin Prices Without Improvements to Benefit American Patients

For Immediate Release
Contact: Jon Conradi
860-235-3884
[email protected]

Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement Thursday reacting to a new bipartisan report from the U.S. Senate Committee on Finance which, in part, details Big Pharma’s role in increasing insulin prices through a variety of egregious practices.

“No American should be forced to ration their insulin or forgo necessities like groceries or rent in order to afford this life-saving medication so Big Pharma can boost profits,” said CSRxP executive director Lauren Aronson. “The Senate Finance report demonstrates how Big Pharma companies shamelessly coordinate to increase insulin prices and stifle competition that could lead to more affordable alternatives.”

“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 increase insulin prices through a practice called shadow pricing,” Aronson continued. “At a time when millions of Americans are struggling to afford their prescription medications as they grapple with the economic consequences of the pandemic, lawmakers must take immediate action on bipartisan solutions to hold these companies accountable, make insulin affordable for those who need it to survive and lower drug prices for American patients.”

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. According to the report:

Read more on Big Pharma’s lead role in increasing insulin prices HERE.

Read more on actions being taken by others in the supply chain to make insulin more affordable HERE.

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

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