PORTSMOUTH, N.H. — Maine Republican Sen. Susan Collins is among a bipartisan group of U.S. senators that introduced a new bill earlier this week to fight against rising prices of insulin.
On Friday, July 26, Sen. Collins and Sen. Jeanne Shaheen (D-NH) held a press conference at Wentworth-Douglass Hospital's Portsmouth Outpatient Center to discuss the "Insulin Price Reduction Act".
The bill is designed to hold pharmacy benefit managers, pharmaceutical companies, and insurers accountable for surging prices of insulin by encouraging list price reductions.
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Collins and Shaheen introduced the bill on Monday with Senators Tom Carper (D-DE) and Kevin Cramer (R-ND).
Local individuals struggling to afford insulin were given an opportunity to speak about their experiences at Friday's event.
Jay Dunigan of York said he went through a period of time when he couldn't afford insurance after the price of an insulin he required jumped from $40 per month to more than $250 per month.
Robert Slavin of Franklin, N.H. said that he was forced to choose between paying rent and buying insulin.
In a statement released later Friday afternoon, Collins said the bill would "make a real difference" in the lives of "millions of people with diabetes." Sen. Shaheen noted that the price of a month's supply of insulin can sometimes be as high as a new car payment.
The Senators say that between 2012 and 2016, the price of insulin has nearly doubled. Between 2006 and 2019, some popular brands of insulin have even quadrupled in price.
According to the Senators, the bill would create a new pricing plan that would benefit both Medicare and private insurance users.
The "Insulin Price Reduction Act" would not allow PBMs and insurers to receive rebates for insulin products with a list price that complies with the bill's requirements. If insulin manufacturers reduce the 2020 list price to be no higher than the 2006 list price, they will be eligible for the rebate restrictions.
The Senators say the bill could save many people with diabetes hundreds or thousands of dollars per year on insulin costs.
