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- cross-posted to:
- [email protected]
More Americans with diabetes will get a break on their insulin costs in 2024.
Sanofi is joining the nation’s two other major insulin manufacturers in offering either price caps or savings programs that lower the cost of the drugs to $35 for many patients. The three drugmakers are also drastically lowering the list prices for their products.
The moves were announced in the spring, but some didn’t take effect until January 1.
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Congress and new players in the market have increased pressure on insulin manufacturers to lower their prices. Medicare enrollees now pay no more than $35 a month for each of their insulin prescriptions, thanks to the Inflation Reduction Act, which Democratic lawmakers pushed through Congress in 2022.
But drugmakers also faced changes to the Medicaid rebate program that would have likely cost them hundreds of millions of dollars each if they didn’t lower their list prices.
“Drugmakers would have been hit so hard because they all hiked the list prices of their insulin, and they provide hefty rebates to pharmacy benefit managers to ensure their products are covered by insurance plans.”
Paying ‘rebates’ to cover their artificially overpriced drugs suddenly stopped being enough when the biggest game in town told them to stuff it. As my grandmother was fond of saying, my heart pumps horse piss for ya…