State Sens. Christopher Belt, D-Centreville, and Rachelle Crowe, D-Glen Carbon, are touting a new law that will require pharmaceutical and insurance companies to cap insulin prices for Illinois residents with diabetes starting Jan. 1.
“For years, pharmaceutical companies took advantage of the millions of Illinois residents who depend on insulin to live,” Belt (right) said. “Because of the passage of Senate Bill 667, Illinois residents who need insulin will no longer be subjected to price gouging and other predatory practices.”
Senate Bill 667 will cap patients’ out-of-pocket costs for prescription insulin at $100 for a 30-day supply and requires the Departments of Insurance, Human Services, and Healthcare and Family Services to jointly issue an “insulin pricing report” to the public that details findings on insulin pricing practices and recommendations to control and prevent overpricing of prescription insulin drugs.
According to the American Diabetes Association, over 30 million Americans have diabetes, and approximately 7.4 million Americans depend on insulin. Around 1.3 million Illinois residents live with diabetes and rely on insulin to manage their blood sugar levels. Data has shown that insulin prices tripled between 2002 and 2013, which has led many patients to ration their insulin and sacrifice other daily needs to pay for insulin.
“Over the years, greedy drug companies have lined their pockets at the expense of people with diabetes, who rely on insulin for survival,” Crowe (left) said. “By capping the cost of insulin, Illinois is standing firmly with working families to put lives over profits.”
Illinois is the second state in the nation to cap out-of-pocket insulin costs at $100 per month for all patients using a state-regulated insurance plan.