The Biden budget caps the monthly price of insulin for privately insured patients at $35
A woman who has had type 1 diabetes since adolescence displays her insulin for injection March 02, 2023 in New York City.
Spencer Platt | Getty Images
President Joe Biden’s federal budget proposal would limit insulin prices to $35 per month for people with private insurance plans.
The Inflation Mitigation Act in January capped monthly insulin costs to that price for seniors, but left out those who weren’t on Medicare. Biden, in his State of the Union address, called on Congress to stop work and cap insulin for everyone at $35 a month.
The price cap in the budget would not cover people who are not insured. Health Secretary Xavier Becerra told reporters Thursday the president believes no one in the US should pay more than $35 a month for insulin.
Becerra said one of the fastest ways to reduce insulin costs for the uninsured would be for the 10 remaining states that haven’t expanded Medicaid to do so. Medicaid is the public health insurance program for low-income individuals.
drug manufacturer Eli Lilli Preceding a potential federal mandate, announced earlier this month that it would limit insulin to $35 per month for people with private insurance at certain retail pharmacies. But CEO David Ricks said in a statement that 7 in 10 Americans don’t use Lilly’s insulin. He called on federal policy and employers to help make the cost of the injections more affordable.
Read more about Biden’s fiscal 2024 budget:
Biden praised Lilly’s decision and urged other manufacturers to follow suit. He also reiterated his call for Congress to lower insulin prices for everyone else.
According to the American Diabetes Association, about 40% of people with diabetes have private insurance, while 5% have no insurance.
Some Republicans in Congress oppose the move to cap insulin prices. Rep. Cathy Rodgers, chair of the House Energy and Commerce Committee, called the Biden administration’s efforts to lower insulin prices “socialist” and a “federal mandate” bad for market competition.
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