Insulin is a hormone that is essential for regulating blood sugar levels in the body. It is produced by the pancreas and helps to move glucose from the bloodstream into the cells where it can be used for energy. For people with diabetes, insulin is a life-saving medication that they need to take on a regular basis to manage their condition.
The High Cost of Insulin in the US
Despite insulin being discovered almost a century ago, the cost of this medication has continued to rise in the US. In fact, the price of insulin in the US is often several times higher than in other countries around the world. This has led to many people with diabetes struggling to afford the medication they need to stay healthy.
According to a report by the Health Care Cost Institute, the average price of insulin in the US nearly doubled between 2012 and 2016. In 2012, the average price of insulin was $2.24 per milliliter, while in 2016 it had risen to $4.72 per milliliter.
There are several reasons why the cost of insulin has increased so dramatically in the US. One of the main factors is the lack of competition in the market. There are only three companies that produce insulin in the US, and they have been accused of price fixing and anti-competitive practices.
Insulin Prices in Other Countries
While insulin prices in the US continue to rise, the cost of this medication in other countries remains relatively stable. In fact, in some countries, insulin is available for a fraction of the cost of what it is in the US.
For example, in Canada, the cost of insulin is about one-tenth of what it is in the US. In the UK, insulin is available for about one-third of the cost in the US. And in Australia, the cost of insulin is about half of what it is in the US.
The reason for these lower prices is due to a combination of factors. One of the main factors is the regulation of drug prices in these countries. Governments in these countries negotiate with drug companies to keep prices low and ensure that essential medications like insulin are accessible to everyone who needs them.
The Impact of High Insulin Prices
The high cost of insulin in the US has had a significant impact on people with diabetes. Many people are forced to ration their insulin or go without it altogether because they cannot afford it. This can lead to serious health complications, such as blindness, kidney failure, and even death.
For those who can afford insulin, the high cost can still be a significant financial burden. A study by the American Diabetes Association found that people with diabetes spend an average of $5,705 per year on healthcare expenses, with a large portion of that going towards the cost of insulin.
What Can Be Done?
There is no easy solution to the problem of high insulin prices in the US. However, there are several things that can be done to help alleviate the burden on people with diabetes.
One solution is to increase competition in the insulin market. This could be done by allowing more companies to produce insulin in the US or by allowing the importation of insulin from other countries where it is cheaper.
Another solution is to regulate the prices of insulin. This could be done by allowing Medicare to negotiate drug prices with pharmaceutical companies or by implementing price caps on essential medications like insulin.
Finally, there is a need for greater education and awareness about the high cost of insulin in the US. Many people with diabetes are unaware of the options available to them, such as patient assistance programs, that can help them afford their medication.
Conclusion
The high cost of insulin in the US is a significant problem that affects millions of people with diabetes. While there is no easy solution to this problem, there are several things that can be done to help alleviate the burden on those who rely on this life-saving medication. By increasing competition, regulating prices, and increasing awareness, we can help ensure that everyone who needs insulin can afford it.