Insulin prices doubled between 2012 and 2016 – Boing Boing

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)

(Image:
Melissa Johnson
, CC BY, modified
)

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Cory Doctorow

I write books. My latest are: a YA graphic novel called In Real Life (with Jen Wang); a nonfiction book about the arts and the Internet called Information Doesn’t Want to Be Free: Laws for the Internet Age (with introductions by Neil Gaiman and Amanda Palmer) and a YA science fiction novel called Homeland (it’s the sequel to Little Brother). I speak all over the place and I tweet and tumble, too.

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