Senators target insulin price rise with bipartisan proposal
PORTSMOUTH, N.H. (AP) — A group of senators says it has a plan to reduce insulin prices with legislation intended to hold pharmaceutical companies and insurance companies more accountable.
The proposal’s called the Insulin Price Reduction Act and its sponsors say it would incentivize reductions in list prices. The senators say in a statement the plan would hold “health care middlemen” such as pharmacy benefit managers accountable.
The senators include Republican Sens. Susan Collins of Maine and Kevin Cramer of North Dakota as well as Democratic Sens. Jeanne Shaheen of New Hampshire and Tom Carper of Delaware.
The senators say enrollee out-of-pocket costs for insulin have more than quadrupled since 2007 for Medicare users. They say their proposal would create a new pricing model that would benefit both Medicare and private insurance users.