By Annie Ahern ’23
Health & Science Editor
As of 2022, diabetes (type one and two) affects more than 415 million people world-wide. Despite diabetes being such a common, treatable issue, the availability of its major management tool insulin continues to be an issue.
The process for synthesizing insulin was invented by Frederick Banting, James Collip, and Charles Best in 1923. Unwilling to use their world-altering invention for their own profit, the group willingly sold the patent for their process for $1 or about $17 in today’s currency.
Before the availability of insulin, it was common for those affected by diabetes to pass away after only a year or two1 from the terrible effects of unregulated blood sugar. However, with insulin, most are able to live a relatively normal life for many years. That being said, it is reasonable to state that insulin is a lifesaving, vital drug for those affected by diabetes. However, the availability of insulin is frequently constrained by the actions of pharmaceutical companies.
According to Business Insider, the cost of producing insulin for one individual including production, labor, components, and delivery ranges from $48-$133, although the prices actually paid by diabetics for their insulin is often much higher. For example, a common analog insulin, Lantus, commonly used for treating children, is priced at 7.8 times the cost of production2.
It is certainly not a secret that pharmaceutical companies exploit the inflexible demand for their products. In fact, Pfizer reported a 42% profit margin 2013. However, there is a growing resistance amplified by the recent precedents set by the litigation of pharmaceutical companies for the opioid epidemic.
This makes the bill—S. 908, the Medicare Drug Price negotiation act—even more important. If passed into law, the bill would not only further the trend of acknowledging the excessive prices set by pharmaceutical companies but would allow for the negotiation of those prices on the behalf of Medicare recipients.
The bill, sponsored by Bernie Sanders and introduced in 2021, would allow prescription medications listed for coverage under Medicare Part D (one of which is insulin). Furthermore, if those negotiations were to fail, the price charged would be legally required to be the lowest of either median available on the market, the average manufacturing price, or the price listed under United States Code. If passed, the bill’s wording suggests this would greatly affect the power dynamic of price determination.
It is important that support for this bill be heard, as the lobbying capabilities of the pharmaceutical industry are so strong that, despite bipartisan support, this bill is being blocked.
But what can we do? According to congress.gov, the bill has so far been introduced and given hearings with the relevant committees. In order to be passed into law, it must next pass through both the U.S. House of Representatives and the U.S. Senate. This means that there is still time to speak with your local legislators and let them hear your voice on this bill. Luckily, congress.gov also offers information on how to get in touch with your local representative.
