Part of pledge to fight high drug prices
On Wednesday, the Trump Administration through the Center for Medicare and Medicaid Services pledged once again to fight high drug prices in the United States. They set out a plan to limit out-of-pocket costs for insulin to $35 per month. Insulin is a life-saving medication for many people with diabetes who are enrolled in Medicare. About 46 million people aged 65 and older and with disabilities are covered by Medicare.
The Department of Health and Human Services is lining up drug makers and private insurers to manage Medicare benefits to volunteer to test out the new pricing in 2021.
The program would create a flat monthly payment rate of $35 for most types of insulin. Currently, beneficiaries typically shoulder all or a percentage of the cost of the medicines until they pass a maximum spending amount and become fully covered. On average, insulin users enrolled in Medicare currently pay $675 a year for insulin.
President Trump promised early in his presidency to cut prices of drugs to be commensurate with levels that foreign countries pay. Members of Congress had been working on a bipartisan drug pricing legislation but were interrupted by impeachment hearings. They are scheduled to return to the issue next week.
If insulin makers will participate in the program by lowering drug costs, the government could save as much as $250 million over five years.
As the Lord Leads, Pray with Us…
- That manufacturers of insulin in the U.S. would find the means of cooperating with the federal government in lowering the overall cost of insulin.
- For Congress as they return to discussions of drug pricing and legislation to control it.
- For many Americans who struggle to keep up with the rising costs of medications, and many who have reduced insulin use to stay within their budgets.
Sources: Reuters, Newsmax
