Skyrocketing Cost of Insulin Impacting Children & Families
MADISON, WI – As the cost of insulin continues to skyrocket, Democrats are renewing their push to cap the costs for this life saving drug. Senate Bill 340 (SB 340) authored by Sen. Dave Hansen (D-Green Bay) would cap the cost of copays for insulin at $100 per month and would require the Office of the Commissioner of Insurance to investigate and report on the pricing of insulin to help determine what other actions can help address the crisis. Additionally, Governor Evers has created a task force on reducing prescription drug prices, which is responsible for collecting and analyzing data on development, pricing, distribution, and purchasing of prescription drugs, analyzing other state strategies for reducing prescription drug prices.
“No one should have to ration their life-saving medication because they can’t afford it,” said Senator Jennifer Shilling (D-La Crosse). “This is a matter of life or death for children and adults with diabetes, and it is inexcusable for powerful drug companies to pad their pockets by preying on Wisconsin’s most vulnerable. Democrats want to ensure individuals can access affordable and life-saving medication by capping the cost of insulin and making prescription drugs more affordable.”
According to the American Medical Association of Internal Medicine, one in four diabetes patients reports rationing their insulin due to costs. People with diabetes are at a higher risk for serious complications including kidney failure, heart disease, stroke, blindness and lower limb amputations. Individuals who ration or can’t afford insulin are at serious risk of death.
SB 340 was referred to the Senate Committee of Insurance, Financial Services, Government Oversight and Courts. Despite these cost concerns, Senate Republicans have refused to hold a public hearing.