Why is insulin, invented more than 100 years ago, still unaffordable for many of America’s 10 million diabetics who rely on it?
Politicians reflexively blame pharmaceutical manufacturers. Sen. Bernie Sanders asked rhetorically in November, “What possible reason, other than greed, could there be for the pharmaceutical industry to raise the price of insulin by more than 1,400%?”
Michigan Attorney General Dana Nessel recently announced plans to investigate rising insulin prices as a pretext for increased government regulation of the market. “While drug companies profit off of people’s health, they also benefit from a current market in which they control the pricing,” she proclaimed. “Enough is enough.”
A bipartisan bill claims it would reduce the cost of prescription drug costs to save taxpayers a potential millions – if not billions – of dollars.
Sen. Michelle Benson, R-Ham Lake, held a Friday news conference with Rep. Mike Howard, D-Richfield, highlighting the bill
SF 2178 would allow the state to share bid information submitted by pharmacy benefit managers (PBMs) for public employee contracts. The reverse auction process incentivizes PBMs to compete against each other by submitting lower offers in bidding rounds to win a contract, which is meant to achieve cost savings without impacting the quality of state health benefit plans.
Ohio Attorney General Dave Yost blasted the middlemen responsible for negotiating drug prices on behalf of the state Monday, calling for immediate legislative action. The move comes a month after the state formally launched a lawsuit against the pharmacy benefit managers (PBM) responsible for the negotiations. Currently, Ohio cannot directly…