FTC takes action against prices charged by pharmacy benefits managers (PBMs) supplying insulin
In what could amount to massive relief for users of insulin, the FTC From here:
FTC sues CVS, Cigna, UnitedHealth PBMs over insulin prices (statnews.com)
“The FTC also put the insulin makers on notice that they may face lawsuits, as well.”
The U.S. Federal Trade Commission filed a lawsuit against the largest pharmacy benefit managers and their group purchasing organizations for allegedly anticompetitive practices that “artificially inflated” the price of insulin and, consequently, impeded patient access to the life-saving treatment.
The administrative complaint accused CVS Caremark, Cigna’s Express Scripts, and UnitedHealth’s OptumRx of creating a “perverse” system of rebates that favored insulin that was sold at higher list prices in order to “line their pockets” at the expense of patients, who were forced to pay more for the medication.”
Abut bloody time!
I posted these articles in July 2023 about a scandal that has lasted for decades.
According to the Brave browser answer to this question “which countries have the cheapest insulin prices”, these are some country comparisons.
Looks like it is around 8 bucks a dose.
For the US:
· Average insulin prices vary widely depending on the brand and type.
· Eli Lilly’s price cap of $35 per month for its insulin products is a significant development in making insulin more affordable for patients.
· The Inflation Reduction Act’s provision capping insulin costs for Medicare Part D enrollees at $35 per month has also contributed to increased affordability.
But there is also this – somebody is paying for the cap in prices!
Average Prices: The table shows the average prices per package and per month for various insulin brands:
o Novolog Novolog Flex Pen: $333.99/vial, $123.99/pen, average monthly cost: $1,001.97 - $1,239.90
o Humalog Humalog Kwikpen: $316.22/vial, $134.99/pen, average monthly cost: $948.66 - $1,349.90
o Lantus Lantus Solostar: $314.99/vial, $101.73/pen, average monthly cost: $944.97 - $1,017.30
o Basaglar KwikPen: $88.21/pen, average monthly cost: $882.10
o Humulin N: $122.67/pen, average monthly cost: $1,226.70
o Novolin N: $166.99/vial, average monthly cost: $500.97
o Levemir Levemir Flextouch: $446.99/vial, $112.98/pen, average monthly cost: $1,340.97 - $1,129.80
o Novolin R: $161.00/vial, average monthly cost: $483.00
o Toujeo Solostar: $115.18/pen, average monthly cost: $1,151.80
o Tresiba Tresiba Flextouch: $351.38/vial, $123.18/pen, average monthly cost: $1,054.14 - $1,231.80
Fingers crossed those charges will plummet to just double the cost of production ( 4 bucks?) from around 1,000 bucks a month to around 100 bucks!!
Onwards!!!
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Why does a pharmacy need a benefits manager?
More great news and research, Peter. Thank you and well done!