Cap Insulin Prices Act

Cap Insulin Prices Act

This bill reduces cost-sharing for insulin under private health insurance and the Medicare prescription drug benefit.

Specifically, the bill caps cost-sharing under private health insurance for a month's supply of selected insulin products at $25 or 25% of a plan's negotiated price (after any price concessions), whichever is less, beginning in 2024.

The bill caps cost-sharing under the Medicare prescription drug benefit for a month's supply insulin products at $25 beginning in 2024. The current cap on insulin products under Medicare is $35 per month.

Bill 118 s 146, also known as the Cap Insulin Prices Act, is a piece of legislation introduced in the US Congress aimed at addressing the rising costs of insulin for individuals with diabetes. The bill proposes to cap the price of insulin at $35 per month for those with private insurance and $50 per month for those without insurance.

The bill also includes provisions to increase transparency in the pricing of insulin, requiring manufacturers to justify any price increases and provide detailed information on the production costs of the drug. Additionally, the legislation seeks to promote competition in the insulin market by allowing for the importation of lower-cost insulin from other countries.

Supporters of the Cap Insulin Prices Act argue that it is necessary to make this life-saving medication more affordable for those who need it. They point to the fact that the price of insulin has skyrocketed in recent years, leading many individuals to ration their medication or go without it altogether, putting their health at risk. Opponents of the bill, however, raise concerns about the potential impact on innovation in the pharmaceutical industry. They argue that price controls could stifle research and development of new and improved insulin products, ultimately harming patients in the long run. Overall, the Cap Insulin Prices Act is a contentious piece of legislation that highlights the ongoing debate over healthcare affordability and access in the United States. It remains to be seen whether the bill will garner enough support to pass in Congress and become law.