The Real Issue Behind The Price Of Insulin--
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This was an off the cuff comment on Professor HCR's briefing this morning, unedited.
I'm an Insulin dependent type 2 diabetic, was both a Caregiver and a Health Insurance Broker/Agent for marketing Medicare advantage plans before I retired. I've had to deal with this issue at every level for many years.
I'll tell you all a secret. Endocrinologists who receive samples of Insulin, whether Novolog, Humalog, or other injectables such as long acting Insulins like Lantus are keeping low income patients alive by giving these samples away for free to patients. Patients are forced to make more frequent appointments at higher co-pays $40-$80, depending on tier and plan to see specialists to go in and get their samples. Also Novo-Nordisk, which has a monopoly on production, offers a discount card which Pharmacies accept that allows people to buy Insulin Flex Pens for $25 per month if they are financially disadvantaged. Otherwise it's going to be between $250-$600 per month with Insurance depending upon coverage and dosage. There is no checking of income or savings, people just apply and get the card for one year, then apply again the next year. It only works if you have Health Insurance and does not work with Medicare.
Some people are forced to purchase a cheaper less effective mix sold at Walmart consisting of part long acting, part fast acting Insulin, which I can tell you personally is not nearly as effective, and not usable by type 1 diabetics.
However, without these work-arounds on the price, the death rate among diabetics would be astronomical, as even fully employed people with Insurance have difficulty affording it. These two safety net options will likely disappear if/ when the GOP regains the majority. Why? Because the drug companies will not allow a Generic version of Insulin to be be made, only Brand which is higher tier! They have a monopoly, and their lobbying consists of influence peddling to protect that monopoly. And the companies in question fund the campaigns of both Democrats, (corporate influenced so-called moderates) and Republicans, as do the Insurance companies which also have their fingers in the pie.
If there was legislation to allow generics to be made,, it would likely not have unanimous support from Democrats.. The Insurance companies are hypothecating on the income streams which depend on price gouging, meaning they borrow and speculate on future projected revenues. They are running a floating crap game in the derivatives market through hedge bets, so the whole game depends on maintaining this artificially high price.
I'll tell you that If JFK were President, he would do to Big Pharma today what he did with US Steel when they did price gouging in flagrant disregard for the public interest. Order the DOJ to file an anti-trust suit and threaten to break up Eli Lilly, Sanofi and Novo-Nordisk, which control 90% of the market. Their monopoly on Insulin is what allows for this scam. Change that, and we have a durable solution which can't be undone by a GOP takeover. And a little transactions tax on derivatives would seal the deal, something Elizabeth Warren knows a lot about.
