A coalition of 40 advocacy groups is urging Senate Majority Leader Chuck Schumer (D-New York) to adopt a strong set of provisions to lower insulin prices and “put an end to insulin profiteering” in an upcoming health package.
, often to absurd degrees, to profiteer off of patients’ health. They say that any legislation put forth by the Senate must address pharmaceutical industry middlemen and anticompetitive schemes that allow the industry to keep drug prices high, unabated.
“Abusive pricing of insulin, which the very same corporations who sell insulin here sell for a fraction of the price in other wealthy countries, has led to immense profits for these corporations at the cost of preventable suffering and death of people who need insulin, in addition to billions of dollars drained from government coffers and consumers’ bank accounts,” the groups wrote.
“Any insulin legislation that fails to lower the list prices charged by insulin manufacturers would fail to hold these corporations accountable, in effect rewarding them for decades of price gouging,” they continued.three major insulin makers announced that they would be capping the out-of-pocket prices for their insulin products, bringing prices down from hundreds of dollars a month to closer to what the companies listed as the prices for the drugs when they were originally put on the market decades ago. But these changes were only made after massive public pressure, and analyses showed at the time that the companies likely still ended up benefiting from the announcements with a jump in stock prices.
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