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Biden budget would cap monthly insulin prices at $35 for people with private insurance

HealthHealth CareBiden budget would cap monthly insulin prices at $35 for people with private insurance

A woman who has had type 1 diabetes since adolescence displays her insulin for injection on March 02, 2023 in New York City.

Spencer Platt | Getty Images

President Joe Biden’s The federal budget proposal would cap insulin prices at $35 a month for people with private insurance plans.

The Inflation Reduction Act in January capped the cost of monthly insulin at that price for seniors, but left out all but those who weren’t on Medicare. Biden called on Congress in his State of the Union speech End the job and cap everyone’s insulin at $35 a month,

The price cap in the budget will not cover those who are uninsured. Health Secretary Javier Becerra told reporters Thursday that the president believes no one in America should pay more than $35 a month for insulin.

Becerra said one of the fastest ways to reduce insulin costs for the uninsured would be for the 10 remaining states that haven’t expanded Medicaid to do so. Medicaid is a public health insurance program for low-income individuals.

pharmaceutical company Eli Lilly overcame a potential federal mandate, announcing earlier this month that it would Cap insulin at $35 per month for those with private insurance In some retail pharmacies. But CEO David Ricks said in a statement that 7 out of 10 Americans don’t use Lilly’s insulin. He called on federal policymakers and employers to help make the cost of injections more affordable.

Read more on Biden’s FY 2024 budget plan:

Biden praised Lilly’s decision and called on other manufacturers to follow suit. He also reiterated his call for Congress to lower insulin prices for everyone.

According to the American Diabetes Association, about 40% of people with diabetes have private insurance while 5% do not.

Some Republicans in Congress oppose the move to cap insulin prices. Rep. Cathy Rodgers, who chairs the House Energy and Commerce Committee, called the Biden administration’s efforts to lower insulin prices “socialist” and a “federal mandate” that is bad for market competition.

Join CNBC’s Healthy Returns on March 29, where we will convene a virtual gathering of CEOs, scientists, investors and innovators in health care to reflect on the progress made today to reshape the future of medicine . Plus, we’ll have an exclusive list of the best investment opportunities in biopharma, health tech, and managed care. Learn more and register today: http://bit.ly/3DUNbRo

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