Insulin prices plunge for Pennsylvanians due to Biden's American Rescue Plan
Nearly three years after it was signed into law, President Biden’s American Rescue Plan is still paying dividends, this time by prompting the nation’s three major insulin makers to drop their prices for the life-saving drug.
As of Jan. 1, Eli Lilly, Sanofi, and Novo Nordisk—which make up roughly 90% of the market—are all officially offering price caps and savings programs to lower the cost of some of their most widely-used insulin products to only $35 per month.
The price cuts are expected to benefit many of the roughly 8.4 million Americans, who need insulin to survive. In Pennsylvania, 11.3% of the adult population has diagnosed diabetes, including hundreds of thousands of people who rely on insulin.
The changes have been widely viewed as a response to a provision of the American Rescue Plan that threatened to penalize the companies if they kept prices high. The 2021 law reformed the rules guiding the Medicaid health insurance program to remove a cap on the penalty drug companies pay for raising list prices above the rate of inflation.
https://keystonenewsroom.com/story/insulin-prices-plunge-for-pennsylvanians-due-to-bidens-american-rescue-plan/