Wednesday, March 1, 2023
U.S. Department of Health and Human Services (HHS) Secretary Xavier Becerra released the following statement today on the news that after President Biden called for extending the $35 cap on insulin to all Americans so that everyone can afford it, the nation’s largest insulin manufacturer is lowering their price for insulin by 70% and capping patient out-of-pocket costs at $35 or less per month:
“From Day One, the Biden-Harris Administration has worked to reduce the cost of health care and to increase Americans’ access to quality care. Last year, President Biden led a successful fight to cap insulin at $35 a month for people with Medicare. At his State of the Union, the President called for the cap to extend to all Americans. Today, the nation’s largest insulin manufacturer responded, announcing a historic drop in their price for insulin. President Biden’s leadership on drug pricing is having a ripple effect across America. Now it’s time for other drug manufacturers to join in. And it’s time for Congress to build on, not repeal, our new prescription drug law, the Inflation Reduction Act.”
Earlier this year, HHS issued a new report showing the major savings coming to roughly 1.5 million people in Medicare thanks to the $35 cap on a month’s supply of insulin through President Biden’s Inflation Reduction Act. The report also found that nationally, the average out-of-pocket cost was $58 per insulin fill in 2019, typically for a 30-day supply. Patients with private insurance or Medicare paid about $63 per fill on average, and 1 in 5 Americans taking insulin paid more than $70 per prescription.