Biden budget would cap monthly insulin prices at $35 for people with private insurance
Publishing timestamp: 2023-03-09 14:49:02
Summary
President Biden's federal budget proposal would expand the $35 cap on monthly insulin prices to people who have private insurance plans, in addition to those on Medicare who are already covered by the Inflation Reduction Act. The proposal does not cover people who are uninsured. Health Secretary Xavier Becerra believes that one of the fastest ways to reduce insulin costs for the uninsured would be for the remaining 10 states that haven't expanded Medicaid to do so. Drugmaker Eli Lilly has already announced that it will cap insulin at $35 per month for people with private insurance at certain retail pharmacies, but CEO David Ricks has called on federal policymakers and employers to help make the costs of injections more affordable. Some Republicans in Congress oppose the move to cap insulin prices, calling it a socialist federal mandate that is bad for market competition.
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Keywords: joe biden, business, medicare health plans, eli lilly and co, diabetes, u.s. economy, pharmaceuticals, breaking news: business, national budgets, politics, business news, biotech and pharmaceuticals, health care industry,