Insulin

Joe Biden’s lengthy State of the Union address on Tuesday saw him call on Congress to pass a bevy of policies, most of which were regurgitations of his previous proposals. Here's a look at some of the policies that were mentioned by the president. Capping insulin prices at $35 Everyone knew this would be on the agenda after the Inflation Reduction Act passed Congress last August. The IRA's Medicare copay cap was just a foot in the door, with a push for further drug price controls an inevitability. The problem is that price controls do not work. Ed Haislmaier of the Heritage Foundation succinctly outlines how the problem can be mitigated responsibly. The most obvious option is to eliminate the prescription requirement for insulin.

Language about insulin is supposed to be one of the bigger selling points of the Build Back Better Act. Democrats say prices would be capped at $35, which is true from a certain point of view. Insulin co-pay prices get capped at $35 — starting in 2023 — for Medicare Part D and Medicare Advantage plans. Individual and private insurers face different rules, however, only having to charge $35 for either a vial or a pen. They can also pick one kind of insulin to cover. Insulin price controls are a hot topic right now for good reason. Over the last twenty-three years, Humalog brand insulin has gone from $21 a vial to $275. The generic version of insulin called Semglee costs almost the same.