Senator Hansen to Introduce Bill Capping Cost of Insulin |
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News |
Written by Wisconsin Senate, Jay Wadd |
Tuesday, 23 July 2019 09:00 |
http://newiprogressive.com/images/stories/S5/insulin-s5.jpg MADISON - Calling the skyrocketing price of insulin a state and national crisis State Senator Dave Hansen (D-Green Bay) announced plans to introduce legislation based on a recent Colorado law that would cap insulin prices. In 1999 the cost for one vial of insulin was $16. Now it costs $340. That’s nearly ten times the price in Canada,
According to the American Diabetes Association, more than 30 million Americans have diabetes and approximately 7.4 million depend on insulin. People with diabetes are at significant risk for serious complications including kidney failure, heart disease, stroke, blindness and lower-limb amputations. People with diabetes who forego their insulin are at serious risk of death. “Other countries have been able to hold down prices for insulin and other life-saving and medically necessary drugs," says Hansen. "In much of Europe, insulin costs about a sixth of what it does in the United States because we have no such protections in place and insurance companies do not have the clout to negotiate lower prices.”
“Because the federal government hasn’t taken action and because the private sector is unable to effectively control the cost of insulin the state has a role to play in protecting those who need insulin but who cannot afford it,” concludes Hansen. The legislation caps the cost of copay's for insulin at $100 per month and requires the Office of Insurance Commissioner to investigate and report on the pricing of insulin to help determine what other actions may be needed to address the crisis. |
Last Updated on Tuesday, 23 July 2019 09:45 |
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