Insulin Savings for Patients Act

Insulin Savings for Patients Act

This bill requires 100% of negotiated price concessions for covered insulin products under the Medicare prescription drug benefit to be reflected at the point of sale by 2024. The Government Accountability Office must annually report on the effects of the bill's implementation, including with respect to insulin prices.

Bill 117 HR 6757, also known as the Insulin Savings for Patients Act, is a piece of legislation introduced in the US Congress with the aim of addressing the rising costs of insulin for patients. The bill seeks to make insulin more affordable and accessible for individuals who rely on this life-saving medication.

The key provisions of the bill include measures to cap the out-of-pocket costs for insulin at $35 per month for individuals with private insurance. This cap would apply to both long-acting and short-acting insulin products, ensuring that patients are not burdened with exorbitant costs for their medication.

Additionally, the bill aims to increase transparency in the pricing of insulin by requiring manufacturers to provide detailed information on the production costs, research and development expenses, and profits associated with the drug. This information would be made publicly available to ensure accountability and prevent price gouging. Furthermore, the Insulin Savings for Patients Act includes provisions to expand access to affordable insulin for individuals enrolled in Medicare Part D and Medicaid. This would help ensure that vulnerable populations, such as seniors and low-income individuals, are able to afford the medication they need to manage their diabetes. Overall, the Insulin Savings for Patients Act is a bipartisan effort to address the growing affordability crisis surrounding insulin in the United States. By capping out-of-pocket costs, increasing transparency in pricing, and expanding access to affordable insulin, this bill aims to provide relief to patients who are struggling to afford this essential medication.