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I’m on the Hill today talking about the cost of insulin and the American tragedy it’s become.
It’s a story that can be told in numbers which show greed and indifference.
3
6
21
39
275
4,000 - 6,000
30 million
It’s a story that can be told in numbers which show greed and indifference.
3
6
21
39
275
4,000 - 6,000
30 million
There are human stories every day— and I’m sure many will show up in this thread— of Americans skipping or splitting doses. These are preventable deaths.
The numbers tell a simple story...
cardiovascularbusiness.com/topics/lipids-…
The numbers tell a simple story...
cardiovascularbusiness.com/topics/lipids-…
3
The patent for insulin was sold for $3 in 1922 under the premise that the human body produces it, and if someone can’t produce enough, no one ought to profit.
Like clean air and clear water. As the rest of the numbers will show, something has gone wrong.
The patent for insulin was sold for $3 in 1922 under the premise that the human body produces it, and if someone can’t produce enough, no one ought to profit.
Like clean air and clear water. As the rest of the numbers will show, something has gone wrong.
6
$6 is about the cost to manufacture a vial of insulin. Is every dollar above that profit? There are a few dollars of valid additional costs which brings us to our next 2 numbers.
$6 is about the cost to manufacture a vial of insulin. Is every dollar above that profit? There are a few dollars of valid additional costs which brings us to our next 2 numbers.
21
$21 is what Eli Lilly charged for Humalog in 1996. This is the same product people pay for today, but at a very different number.
In the meantime, the next number is very important.
$21 is what Eli Lilly charged for Humalog in 1996. This is the same product people pay for today, but at a very different number.
In the meantime, the next number is very important.
39
$39 is what it costs to buy the same vial of insulin people buy in the U.S. In the UK, it’s even less. At $6 in cost, there is plenty of money for profit and other costs.
$39 is about what the 1996 price in the US would be with normal inflation.
$39 is what it costs to buy the same vial of insulin people buy in the U.S. In the UK, it’s even less. At $6 in cost, there is plenty of money for profit and other costs.
$39 is about what the 1996 price in the US would be with normal inflation.
275
$275. That’s the cost of Humalog today in the U.S.
This is 13x the cost in 1996 and 7x the cost in Canada, or the multiple of normal inflation.
$275. That’s the cost of Humalog today in the U.S.
This is 13x the cost in 1996 and 7x the cost in Canada, or the multiple of normal inflation.
4000-6000
At 2-4 vials of insulin/month, it costs Americans $4000-$6000/year to buy insulin— to repurchase something their body is supposed to produce naturally.
Insurance helps somewhat, but not when deductibles are high. The problem is massive inflation, not the insurance.
At 2-4 vials of insulin/month, it costs Americans $4000-$6000/year to buy insulin— to repurchase something their body is supposed to produce naturally.
Insurance helps somewhat, but not when deductibles are high. The problem is massive inflation, not the insurance.
There are 30 million Americans with diabetes. In the terms of pharma companies, that’s the “market size” or “market potential.”
So why has this happened? Why can’t we buy a $40 product people need to live for $40? And what should we do?...
So why has this happened? Why can’t we buy a $40 product people need to live for $40? And what should we do?...
This is what I’m up on the Hill discussing.
This got kicked off with a recommendation I made to the National Academy of Sciences.
This got kicked off with a recommendation I made to the National Academy of Sciences.
Why are we the only country in the world that gives drug companies free reign in how much to charge for insulin and many other drugs.
Even when there’s no cost to the patent, a low cost to produce, and minimal annual cost increases, drug companies have shown how they set prices.
Even when there’s no cost to the patent, a low cost to produce, and minimal annual cost increases, drug companies have shown how they set prices.
It’s not just insulin. For most new drugs, taxpayers fund much of the development cost through the NIH and then have sit by when drug companies enjoy a complete monopoly.
Companies then expand that monopoly by a series of tricks....
Companies then expand that monopoly by a series of tricks....
Creating a thicket of new marginal patents (yes, that’s a thing), paying generic companies to stay away, and creating sham public petitions (90% of public petitions to the FDA have drug companies behind them). There are also cases under review for price fixing, acquisitions of...
old drugs that people have ignored and massively increasing prices... The aggregate results are staggering.
usatoday.com/story/opinion/…
usatoday.com/story/opinion/…
Aside from insulin, it’s clear that we need to be able to negotiate with drug companies and reduce these costs and end these abuses.
Can we negotiate? Of course we can, the VA does.
And there are current bills proposed to address the abuses I mentioned..
Can we negotiate? Of course we can, the VA does.
And there are current bills proposed to address the abuses I mentioned..
Those are the numbers I will close with. Each of these takes on a different exploitation of consumers.
S1416
S1209
S1169
S2455
S474
S2069
End.
S1416
S1209
S1169
S2455
S474
S2069
End.
$39 is the Canadien price. Go back up if you want the rest of the thread.
