U.S. insulin costs per patient nearly doubled from 2012 to 2016, study finds
The cost of insulin for treating Type 1 diabetes in the United States nearly doubled over a recent five-year period, underscoring a national outcry over rising drug prices, according to a new analysis.
A patient with Type 1 diabetes incurred annual insulin costs of $5,705, on average, in 2016. The average cost was roughly half that, at $2,864 per patient, in 2012, according to a report released on Tuesday by the nonprofit Health Care Cost Institute.
The figures represent the combined amount paid by a patient and their health plan for the medicine and do not reflect rebates paid at a later date.
(Score: 4, Insightful) by Anonymous Coward on Wednesday January 23 2019, @01:56PM (2 children)
The cost didn't significantly increase, the price did.
That's a major problem with the US medical system.
This isn't about the cost of production. It's about charging what the market will accept.
Acceptance includes not causing too much outrage which would result in Congress stepping in.
See frog boiling principle and/or buy drug company stock.
https://en.wikipedia.org/wiki/Boiling_frog [wikipedia.org]
(Score: 1) by Tokolosh on Wednesday January 23 2019, @04:32PM
All the debate and politics is about who is going to be forced to pay the inflated price. How can we shift the burden to someone else? But addressing why the price is so high in the first place... nothing!
Rising prices also mean that there is little incentive for providers and suppliers to do something about rising costs.
(Score: 2) by stretch611 on Wednesday January 23 2019, @05:11PM
Or using enough of those profits to line our congress critter's pockets to look the other way.
Drug industry price increases (and healthcare in general, as well as insulin costs) have far exceeded inflation for more years than I remember.
As I mentioned [soylentnews.org] on a previous diabetes article [soylentnews.org].
Now with 5 covid vaccine shots/boosters altering my DNA :P