Drugmaker Eli Lilly caps the cost of insulin at $35 a month (1 Viewer)

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    zztop

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    Republicans originally blocked a cap on insulin



    President Joe Biden praised the move in a tweet, calling on other drugmakers to also lower insulin prices. Biden made insulin costs a focus of his State of the Union speech last month.

    The American Diabetes Association also applauded the decision, and encouraged other insulin manufacturers to lower costs.

    Insulin makers have faced pressure from members of Congress and advocacy groups to lower the cost of the lifesaving medication. Insulin costs in the U.S. are notoriously high compared to the costs in other countries; the Rand Corporation, a public policy think tank, estimated that in 2018, the average list price for one vial of insulin in the U.S. was $98.70.
     
    I don’t know how drug companies got away with what looks like egregious price gouging as long as they did. Hope other manufacturers follow suit.


    They didn't suddenly decide to not be psychopaths.

    This type of price gouging is like half of all inflation right now. It's interesting that free market capitalist don't talk about what appears to be the break down of competition. Basic economic theory states that competition in free markets creates a deflationary environment. Wit healthy competition, prices should be going down.

    I'll take state controlled over monopolies, and cartels.
     

    They didn't suddenly decide to not be psychopaths.

    This type of price gouging is like half of all inflation right now. It's interesting that free market capitalist don't talk about what appears to be the break down of competition. Basic economic theory states that competition in free markets creates a deflationary environment. Wit healthy competition, prices should be going down.

    I'll take state controlled over monopolies, and cartels.

    you didnt address collusion lol

    We are living in it in SE LA- not "by the book" collusion, but quasi collusion.

    Insurance carriers that DO write insurance here, know EXACTLY the pricing of the other 2-3 carriers. Those others know the other 2-3. So, without actually saying it, they ALL adjust rates to within 5% of each other...every one gets theirs.
     
    I don’t know how drug companies got away with what looks like egregious price gouging as long as they did. Hope other manufacturers follow suit.
    I'm pretty sure they will before carriers start dropping them from their formularies. At least I've met my deductible for the year already.
     
    I figured others would soon follow... and they have


     

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