American Insulin Prices Are off the Charts

[beijingwalker]

American Insulin Prices Are off the Charts​

by Felix Richter,
Nov 14, 2022

Insulin prices have risen dramatically in the United States over the course of the past decade, leaving millions of Americans who suffer from diabetes with high monthly costs. A comparative analysis conducted by the RAND Corporation in 2020 revealed the full scale of the problem, finding that insulin prices in the U.S. were dramatically higher than anywhere else.

As this infographic shows, the price per standard unit across all insulins in the U.S. was $98.70 compared to just $12.00 across the border in Canada and less than $10 in France, the United Kingdom, Australia and Turkey. An estimated 7 million people in the U.S. use insulin but the soaring prices are putting the life-saving drug out of reach of countless Americans who depend on it.

There are two primary reasons for the high price. The first one is that pharmaceutical manufacturers have the power to set their own prices and raise them without any limits while the second one is that there is a lack of competition in the U.S. insulin market.

Infographic: American Insulin Prices Are off the Charts

This chart shows the average price per standard unit of insulin in selected countries in 2018.

www.statista.com

 

[beijingwalker]

This is why dollar based GDP becomes meaningless since in recent a couple of years US keeps printing money and raising interest rate and driving up inflation.

 

[Catalystic]

Diabetes medicine is expensive here in Canada too
Good metformin tablets cost u around $140-200 for a months supply. Very expensive if you’re forced to tske meds

 

[beijingwalker]

Diabetes medicine is expensive here in Canada too
Good metformin tablets cost u around $140-200 for a months supply. Very expensive if you’re forced to tske meds

Insulins in China used to be relatively expensive too, and then the government intervened, now is $2.81 (RMB17.89) per vial.

China boasts 48% price cut on insulin as domestic drugmakers eclipse Big Pharma in bulk order

In a first, China has featured insulin in its centralized drug procurement program — but the bulk order comes at a sizable cost for multinational pharma players. Novo Nordisk, Sanofi and Eli Lilly were among eight companies, domestic and foreign, whose insulin products won tenders from the...

endpts.com

 

[aakash_2410]

This is why dollar based GDP becomes meaningless since in recent a couple of years US keeps printing money and raising interest rate to drive up inflation.

I agree GDP in PP terms (Real GDP considering the exchange rate and inflation) is better for comparison amongst countries.

However, how does raising interest rate drive up inflation?

 

[beijingwalker]

I agree GDP in PP terms (Real GDP considering the exchange rate and inflation) is better for comparison amongst countries.

However, how does raising interest rate drive up inflation?

I mean and drive up inflation, raising rate is supposed to bring down the inflation but it doesn't seem to work in US now

 

[hembo]

High costs make insulin a bitter pill for many​

Prices of insulin variants have tripled in the past decade in the country​

Excerpts:

In 1923, the Nobel Prize in Physiology or Medicine was awarded for the discovery of a drug which turned out to be one of the landmark discoveries in the history of medicine. Such a gift to humanity it was, the three scientists involved in the project sold the patent to manufacture the drug for a total of just three Canadian dollars, one dollar for each of them, to the University of Toronto.

They did so because they felt that it would be unethical for doctors to profit from a discovery that was meant to save lives, says historian Michel Bliss, in his book, Discovery of Insulin .


Is it not ironical that nearly 100 years after insulin was discovered, this life-saving drug has today become one of the most expensive and unaffordable drugs in many poor, low and middle income countries, driving the health-care costs up? Prices of insulin variants have tripled in the past one decade in many countries, including India.

 

[beijingwalker]

High costs make insulin a bitter pill for many​

Prices of insulin variants have tripled in the past decade in the country​

Excerpts:

In 1923, the Nobel Prize in Physiology or Medicine was awarded for the discovery of a drug which turned out to be one of the landmark discoveries in the history of medicine. Such a gift to humanity it was, the three scientists involved in the project sold the patent to manufacture the drug for a total of just three Canadian dollars, one dollar for each of them, to the University of Toronto.

They did so because they felt that it would be unethical for doctors to profit from a discovery that was meant to save lives, says historian Michel Bliss, in his book, Discovery of Insulin .


Is it not ironical that nearly 100 years after insulin was discovered, this life-saving drug has today become one of the most expensive and unaffordable drugs in many poor, low and middle income countries, driving the health-care costs up? Prices of insulin variants have tripled in the past one decade in many countries, including India.

This is why China doesn't allow greedy capitalists to go too far in China.

 

[Chat SAMOSA]

American Insulin Prices Are off the Charts​

by Felix Richter,
Nov 14, 2022

Insulin prices have risen dramatically in the United States over the course of the past decade, leaving millions of Americans who suffer from diabetes with high monthly costs. A comparative analysis conducted by the RAND Corporation in 2020 revealed the full scale of the problem, finding that insulin prices in the U.S. were dramatically higher than anywhere else.

As this infographic shows, the price per standard unit across all insulins in the U.S. was $98.70 compared to just $12.00 across the border in Canada and less than $10 in France, the United Kingdom, Australia and Turkey. An estimated 7 million people in the U.S. use insulin but the soaring prices are putting the life-saving drug out of reach of countless Americans who depend on it.

There are two primary reasons for the high price. The first one is that pharmaceutical manufacturers have the power to set their own prices and raise them without any limits while the second one is that there is a lack of competition in the U.S. insulin market.

Infographic: American Insulin Prices Are off the Charts

This chart shows the average price per standard unit of insulin in selected countries in 2018.

www.statista.com

US drug pricing is a joke. Yes they have the best r&d and invent most useful meds but they have to come up with a better way to healthcare.

 

[MH.Yang]

American prices are crazy.

Have all previous US govts had no idea to control these crazy and greedy pharmaceutical enterprises?

 

[beijingwalker]

There is a reason why average Americans life expectancy is lower than China's even with the fact China has to take care of 1.4 billion people.

 

[Hamartia Antidote]

There is a reason why average Americans life expectancy is lower than China's even with the fact China has to take care of 1.4 billion people.

LOL! I'm sorry people haven't been posting since PDF's inception about how China's life expectancy has been lower than the US's for hundreds of years but because of Covid we ticked down lower.

 

[VCheng]

LOL! I'm sorry people haven't been posting since PDF's inception about how China's life expectancy has been lower than the US's for hundreds of years but because of Covid we ticked down lower.

Worth a read:

Fact Check: Has China Overtaken U.S. in Life Expectancy for First Time?

The latest provisional CDC figures showed U.S. life expectancy declined for three years in a row, but has it fallen below that of China?

www.newsweek.com

 

[beijingwalker]

LOL! I'm sorry people haven't been posting since PDF's inception about how China's life expectancy has been lower than the US's for hundreds of years but because of Covid we ticked down lower.

Hundreds of years? how long has US been around altogether?

 

[Hamartia Antidote]

Hundreds of years? how long has US been around altogether?

Hundreds of years..is that not long enough for a life expectancy troll?