Price of insulin plummets in the new year

In a day and age when the cost of everything seems to be going up, the price of one of the most commonly used medications just dropped—a lot. As of January 1, the cost of insulin went down to $35 for almost everyone.

Only a few years ago, people who depend on the medication for their diabetes were feeling the pinch. It was so expensive that some states sued manufacturers. The American Diabetes Association says the price tripled in less than a decade. A survey found one in four Type 1 patients rationed insulin because of the cost.

You look at people’s refill history? And you tell them, ‘hey, you’re overdue for this medication?’ And they still tell you, ‘Oh, I have extra’. But you’re wondering how do you have extra

It’s something South Fort Myers pharmacist Justin Cerauvolo feared when he noticed patients at Cypress Pharmacy coming in less often. “You look at people’s refill history? And you tell them, ‘hey, you’re overdue for this medication?’ And they still tell you, ‘Oh, I have extra’. But you’re wondering how do you have extra.”

Cerauvolo expects that to change. The price of insulin today is $35, after the three largest manufacturers agreed to cap the cost. “As of this month, we’ve seen some insulins go from costing $300, a vial to maybe $60 a vial,” Cerauvolo said.

Depending on the size of the vial, that could last several months. The insulin is necessary for people with diabetes whose pancreas can’t produce enough to manage sugar. If it’s not controlled, a cascade of health issues can spiral out of control.

The low cost is especially helpful for Cerauvolo’s patients who rely on Medicare. “What happens with Medicare is you get into what’s called a doughnut hole, which basically, you pay for the full cost of the medication. So having the insulin prices dropped really helps them.”

There may be more good news in the coming year as the cost of insulin-related supplies may also go down. A move to make healthcare more affordable.