Since Jan. 1, 2023, people with diabetes have received a break on the cost of their insulin, due to the Affordable Insulin Now Act, part of the Inflation Reduction Act (IRA). That same reduction in price took effect for Medicare recipients on July 1, 2023. The Act capped insulin prices at $35 per monthly prescription, whether individuals had insurance or not. For many people with the disease, that means greater flexibility in their budget, no more trips to Canada to purchase insulin, and an end to rationing their essential medication.
The Act benefits everyone with the disease, whether they have traditional healthcare insurance, Medicare, or no insurance coverage at all. It benefits approximately 1.5 million Medicare recipients. That amounts to an average savings of $735 per month in Part D costs per person and an overall savings of $27 million in Medicare Part B expenses. The price cap applies to all insulin.
A Gift to the World
Insulin was discovered in 1921 by Sir Frederick G. Banting, Charles H. Best and JJR Macleod. James B. Collip developed the process to purify it. The work was founded on the hypothesis of British scientist Edward Albert Sharpey-Shafer
Banting, Best and Collip sold their patent for $1 each. Banting stated that it was meant to be a gift to the world, with access given to anyone who needed it.
A Gift no Longer
Insulin didn’t remain a gift to the world for long. The pharmaceutical company to which the patent was sold, quickly transformed the life-giving medication into a money-making machine that’s earned the pharmaceutical industry trillions of dollars over the years. The cost became prohibitive, potentially endangering the lives of those who couldn’t afford it.
A Return to the People
The Affordable Insulin Now Act is a step in the right direction for the more than 5 million people in Florida alone that have diabetes and rely on the medication every day. After 100 years, insulin is making its way back to the people in an affordable way.
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