With diabetes being the nation’s most expensive chronic condition costing a total of $327 billion per year, a forthcoming bipartisan bill offered by U.S. Sen. Susan Collins (R-ME) aims to help reduce the price of insulin and provide for patient protections regarding the cost of insulin.
During a June 22 press conference, Sen. Collins said she plans to introduce the Improving Needed Safeguards for Users of Lifesaving Insulin Now Act, also known as the INSULIN Act, with the bill’s lead author U.S. Sen. Jeanne Shaheen (D-NH). The senators will formally introduce the bill in the coming days and intend to fully offset the package pending a final score from the Congressional Budget Office, according to their offices.
On Wednesday, the senators, who co-chair the Senate Diabetes Caucus, held a press conference with advocacy organization representatives and stakeholders to discuss lowering insulin costs for the more than 37 million Americans who have diabetes, including an estimated one in every three senior citizens, according to their offices.
In a joint statement that day, the senators noted that access to insulin can be the difference between life and death for many Americans living with diabetes.
“For far too long, patients have stretched their budgets, rationed insulin, and made difficult personal decisions to keep this drug within reach for themselves or those they love,” said Sen. Collins and her colleague. “Bringing Democrats and Republicans together to address the surging cost of insulin has long been a priority for us… and today, we’re announcing a bipartisan proposal to deliver on that shared goal.”
If enacted, their bill would extend needed patient protections to Americans living with diabetes by encouraging manufacturers to reduce their list prices of insulin, according to the senators.
“This legislation is the result of months of good-faith negotiations and input from lawmakers, advocates, and experts,” they said in their joint statement. “It is paramount that Congress acts swiftly, which is why we are calling on Senate leadership to bring our legislation to the floor as soon as possible.
“There is support on both sides of the aisle for this proposal and the American people cannot – and should not – have to wait a moment longer for relief,” said Sen. Collins and her colleague.
Specifically, the bill would create a program to ensure that insurance plans and pharmacy benefit managers cannot collect rebates on insulins that limit the list price to the 2021 net prices for Medicare Part D or equivalent levels, and to make such insulins eligible for cost-sharing protections, according to bill summaries provided by the lawmakers.
Among other provisions, the bill would ensure that coverage and prior authorization, step therapy, or other medical management requirements could not be imposed to limit beneficiary use, the summary says, and would limit out-of-pocket costs for patients by requiring group, individual market, Medicare Part D, and Medicare Advantage health plans waive any deductible and limit cost-sharing for at least one insulin of each type and dosage form.
The American Diabetes Association and JDRF support the legislation.