The historical excuse for pharma monopolists who conspired to rig prices on insulin was that hardly anyone paid full price — everyone got their life-saving, non-optional medicine through health plans that negotiated a knock-down price.
That was the line between 2012 and 2016, as median per-patient insulin costs rose 99%, to $5,705/year.
But now prices are even higher — and more and more people are paying full cost, as the monopolized health insurance sector has reduced benefits to insured people. The average insured person with diabetes is paying 60% more than they were in 2012 (and the rest of the increase is being borne by Medicare and employers).
People with diabetes are increasingly rationing their insulin, a practice that can be lethal.
Today, there are three insulin manufacturers: Eli Lilly, Novo Nordisk and Sanofi. The manufacturers make the drug, set the price and negotiate with pharmacy benefit managers, the companies hired by health insurers to manage prescription-drug benefits for beneficiaries.
“It comes down to pure greed,” Patterson said. “They are lining their pockets. They are making a profit.”
When questioned about their costs, the insulin manufacturers told The Dispatch that the majority of patients don’t pay the list price for the drug.
‘It comes down to pure greed’: Insulin prices double, causing many people with diabetes to turn to extremes [Megan Henry/The Columbus Dispatch]
(via Naked Capitalism)
New NYC law to cub vaping takes effect next July, aims to protect teens’ health
Ohio lawmakers introduced legislation that would see women and doctors charged with murder if they did not re-implant fetuses from ectopic pregnancies in women’s uteruses, a procedure that does not exist and is impossible.
Every year, the AI Now Institute (previously) publishes a deep, thoughtful, important overview of where AI research is and the ethical gaps in AI’s use, and makes a list of a dozen urgent recommendations for the industry, the research community, and regulators and governments.
We’re rapidly approaching the point where wireless audio is breaking free of its only real stigma: Lackluster sound. There are a few earbuds edging into the market that not only deliver a solid listening experience but do it at an affordable price. Schatzii’s BULLET 2.0 Bluetooth Stereo Earbuds are definitely earning some high marks in […]
Traditional wallets are slowly going the way of the VCR. Modern life has gotten a lot more portable, and the habit of carrying endless reams of business cards and receipts has gotten to be just that: A habit. And an unnecessary one. Even so, people still need a way to tote their cards and cash. […]
If you fly coach, you know that even a short jaunt can seem like an eternity, especially if it’s during the wee hours. Cramped quarters and awkward, upright chairs can make sleep almost impossible no matter how many jackets and mini-pillows you stuff under your neck. If you fly even a couple of times a […]